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☆ Meet Ted Pick, the hard-charging 'deal junkie' who rose to the top at Morgan Stanley the old-fashioned way — and looks poised to succeed James Gorman as CEO
▼ + stars: | 2023-08-01 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +20 min

Employees knew they were getting promoted if Pick told them to wear a tie the following day, an ex-managing director recalled. While Morgan Stanley currently trades at a premium among its Wall Street peers, its enviable success isn't thanks to Pick. Succession has traditionally been a bloody sport on Wall Street, and Morgan Stanley is no exception. Gonzalo Marroquin/Patrick McMullan via Getty Images Show less Morgan Stanley investment management head and dark horse in the race for CEO, Dan Simkowitz. Despite enjoying the stock price gains under Gorman's reign, plenty of longtime employees want another dyed-in-the-wool Morgan Stanley loyalist, according to a former senior executive.

Persons: Morgan Stanley, Ted Pick, Pick, Gucci loafers, Blackstone, Tony James, Morgan, James Gorman, Gorman, Andy Saperstein, Dan Simkowitz, John Mack, Ted, James, Phil Purcell, Mack, Purcell, Merrill Lynch, Paul Taubman, Colm Kelleher, coheads, Gonzalo Marroquin, Patrick McMullan, Saperstein, Euromoney, Parker Gilbert, He's, John, cohead, Bolu, Goldman Sachs, Pablo, tony, Betsey Kittenplan, Smith Barney, James cochairs, Jim Breyer, Anna Wintour, John Mack pranking Pick, John Waldron, Goldman, I'm, Howard Marks, Bill Parcells, atta, Brian Moynihan, aren't, David Solomon, Jamie Dimon's, Eaton Vance, he's, you've, Richard Drew, — Organizations: Employees, Archegos Capital Management, Blackstone, McKinsey, Getty, Middlebury College, China Construction Bank, Harvard Business School, Mitsubishi, Wall, Autonomous Research, Anguilla, Agricultural Bank of China, Capital Management, Metropolitan Museum of Art, Vogue, New York Rangers, Oaktree Capital Management, Bloomberg, Staten, Disney, JPMorgan, Trade, AP Locations: China, Beijing, Manhattan, New York City, Caracas, Venezuela, Brookville, tony Long

☆ Workers at risk of AI radically changing their jobs aren't too worried about it
▼ + stars: | 2023-07-30 | by ( Madison Hoff | ) www.businessinsider.com time to read: +5 min

A Pew Research Center analysis highlights the degree to which jobs, industries, and workers might be exposed to AI. More exposure for jobs means AI "can either perform their most important activities entirely or help with them" per the report. This was used to figure out the degree in which different kinds of activities and jobs are exposed to artificial intelligence. Overall, almost a quarter of US workers were in the least exposed jobs in 2022 per the report. That's slightly higher than the 19% of workers in jobs that are considered most exposed to AI.

Persons: Rakesh Kochhar, Pew, Kochhar, Sam Altman, Jobs Organizations: Pew Research, Service, Pew Research Center, Pew, realtors, McKinsey Locations: Wall, Silicon

☆ The strange, improbable rise of Mark Zuckerberg 3.0
▼ + stars: | 2023-07-30 | by ( Kali Hays | ) www.businessinsider.com time to read: +27 min

In early July, Mark Zuckerberg unveiled the latest and perhaps most consequential product in Meta's history: a new model of Mark Zuckerberg. Silicon Valley Zuck was a husband and father with a legacy to build and protect at all costs. Silicon Valley Zuck was suddenly faced with something he'd never dealt with before, shrinking revenue. Still clinging to his persona as Silicon Valley Zuck, Zuckerberg engaged in an all-out media blitz to hawk his vision for the metaverse. They were the sort of people Harvard Zuck would have scoffed at and Silicon Valley Zuck would have gently ignored.

Persons: Mark Zuckerberg, Elon Musk, Joe Rogan, Zuckerberg, Clark Kent, TikTok, Sheryl Sandberg, Mike Schroepfer, Wall, McKinsey Zuck, Rogan, Meta, Harvard Zuck, —, Priscilla Chan, Ray's, pullover, Harvard Zuck —, Dianna, Mick, McDougall, Paul Sakuma, Zuckerberg's, Apple, Facebook, he'd, That's, Frances Haugen, Chris Cox, Zuck, Zach Gibson, Meta's, Sandberg, Marne Levine, who'd, Javier Olivan, he's, bode, Bain, Maher Saba, Lori Goler, He's, He'd, Katie Harbath, it's, Andrew Bosworth, Bosworth, Mark Zuckerberg McKinsey Zuck, Mark Shmulik, Bernstein, Augustus, Julius Caesar, Kali Hays Organizations: Meta, Menlo, Harvard, Apple, McKinsey, Business, Facebook, Cambridge, Capitol, Labs, Menlo Park, Q, Bain & Company, Reality Labs, Wall, Mark Zuckerberg McKinsey, Phillips Exeter Academy, Tech, Twitter Locations: California, Hawaii, United States, Davos, Silicon, contrition, Meta, verbiage, Harvard, Rome

☆ 4 careers where workers will have to change jobs by 2030 due to AI and shifts in how we shop, according to a McKinsey study
▼ + stars: | 2023-07-28 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +6 min

Nearly 12 million US workers may need to switch jobs by 2030, a McKinsey study found. But between now and 2030, the McKinsey researchers projected that 11.8 million workers will have to change jobs not because they want to, but because they have to. Roughly nine million of them might have to find new jobs in new industries altogether, the study found. The study found that Americans in lower-wage jobs are up to 14 times more likely to need to change occupations by 2030. Chui said this could lead to less demand for some jobs and increased demand for others — like healthcare workers.

Persons: Michael Chui, Chui, Chu, we're Organizations: McKinsey, Service, McKinsey Global Institute, America Locations: Wall, Silicon, United States

☆ 10 ways artificial intelligence is changing the workplace, from writing performance reviews to making the 4-day workweek possible
▼ + stars: | 2023-07-27 | by ( Aaron Mok | ) www.businessinsider.com time to read: +13 min

Here are 10 ways AI tools such as ChatGPT have entered the workplace — and what may come out of it. Nick Patrick, the owner of the music-production company Primal Sounds Productions, told Insider he used ChatGPT to fine-tune legal contracts for clients. "You really got to find time to, like, learn this skill," Nigam previously told Insider. Companies are using AI to write their performance reviewsManagers may find writing performance reviews for their employees a tough task. He told Insider: "Any technology that increases productivity, ChatGPT included, makes a shorter workweek more feasible."

Persons: OpenAI, Nick Patrick, Shannon Ahern, hadn't, Jensen Huang, Huang, Akash Nigam, Nigam, Neil Taylor, ChatGPT, Taylor, Insider's Beatrice Nolan, Nolan, would've, Jasmine Cheng, Cheng, WorkLife, Carl Benedikt Frey, Michael Chu, iHeartMedia, Goldman Sachs, Goldman, Suumit Shah, chatbot, Anu Madgavkar, Richard Baldwin, Fran Drescher, Jezebel — Organizations: Morning, IBM, Workers, Primal Sounds Productions, Google, Twitter, Companies, Employers, Nvidia, ChatGPT, Sky News, Hulu, Spotify, Mobile, Oracle, Columbia Business School, McKinsey Global Institute, Apple, JPMorgan, Northrop Grumman, AIs, Writers Guild of America, SAG, Journalists, GMG Union of, Media Locations: Taipei, Taiwan, Oxford

☆ No, AI isn't likely to destroy white-collar jobs — and it could actually enhance them over time, analysis finds
▼ + stars: | 2023-07-26 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

Some white-collar roles were predicted to be some of the first on the chopping block. However, according to a McKinsey study, AI could enhance these jobs rather than eliminate them. Some CEOs have already been taking steps to incorporate AI-powered programs into daily workflows while others have been open about their plans to scale back hiring in favor of generative AI. White-collar roles, specifically those in the legal and finance sectors, were predicted to be some of the first on the chopping block in early studies. While the analysis predicted generative AI could significantly shake up the labor market, its impact on white-collar roles may be beneficial over the long term.

Organizations: McKinsey, Morning

☆ Why Gen Z, Millennials, Boomers, and Gen X Fight: Generational Conflict
▼ + stars: | 2023-07-26 | by ( Kelli María Korducki | ) www.businessinsider.com time to read: +15 min

Gen Z is soft, millennials are embarrassing, boomers are evil, and no one has thought about Gen X in years. But late this spring, Pew announced it would no longer use generational labels such as millennial and Gen Z in its research. By and large, Cohen shares Duffy's view that generational labels make it tough for both experts and laypeople to distinguish between generational traits and universal, or multifactorial, occurrences. To its credit, Pew has been transparent in acknowledging how the use of generational labels may have tilted its analyses. Pew "does believe generational research can be a useful tool in the right context," Parker told me.

Persons: Gen X, Pew, Kim Parker, Parker, Obama, Millennials, boomers, Gen Zers, Xers, —, Karl Mannheim, Louis Menand, Menand, Andrew M, Lindner, Sophia Stelboum, Azizul Hakim, William Strauss, Neil Howe, Strauss, Howe's, Baby Boomer, Portia, Zers, Gen Xers, Philip N, Cohen, it's, Bobby Duffy, Duffy, Stelboum, Hakim, Michael Dimock, Kelli María Korducki Organizations: Pew Research Center, Pew, Skidmore College, University of Maryland, College, Washington, King's College London Locations: Mannheim, New York City

☆ Walmart teams up with Expedia on travel perks
▼ + stars: | 2023-07-25 | by ( Doyinsola Oladipo | ) www.reuters.com time to read: +2 min

NEW YORK, July 25 (Reuters) - Retail giant Walmart (WMT.N) on Tuesday said it is teaming up with online travel agency Expedia Group (EXPE.O) to offer its subscription service members travel benefits for the first time as retailers increase service offerings to offset a slowing in spending on goods. "We're bringing together the ultimate savings membership and vacation booking site to deliver a first-ever travel-focused benefit for Walmart+ members," said Venessa Yates, senior vice president and general manager of Walmart+, the retailer's subscription service. Walmart+ members will be able to book travel on a Walmart travel website powered by Expedia and earn Walmart cash rewards. Walmart also partnered with veterinary telehealth provider Pawp in May to offer Walmart+ subscribers free access to virtual veterinarians for a year. Amazon.com (AMZN.O) partnered with travel booking site Priceline, owned by Booking Holdings, in July to offer discounts for Prime Day, the first time an online travel agency participated in the event.

Persons: Venessa Yates, Morgan Stanley, Doyinsola Oladipo, Siddharth Cavale, Sandra Maler Organizations: YORK, Retail, Walmart, Expedia, Amazon, Pawp, Booking Holdings, Thomson Locations: New York

☆ Former Google recruiter's top 3 resume green flags: ‘I love people that have passion’
▼ + stars: | 2023-07-25 | by ( Gili Malinsky | ) www.cnbc.com time to read: +2 min

Hiring recruiters are busy people, notoriously spending very little time on each resume they look at to decide if a candidate will move forward. "My advice would be, optimize a resume for 10-second viewership," says Nolan Church, who's worked in talent acquisition in companies like Google and DoorDash and who's currently the CEO of talent marketplace Continuum. That may be the only window recruiters ultimately allot. Here are three green flags that signal to Church that you're a good candidate. "Even if you're in engineering and you're able to articulate how you helped customers," he says, "it's a huge positive."

Persons: Nolan Church, who's, you've Organizations: Google, Continuum, McKinsey, Bain

☆ Wall St sees bargains and lure of Europe buoying cruise, hotel earnings
▼ + stars: | 2023-07-24 | by ( Doyinsola Oladipo | ) www.reuters.com time to read: +4 min

Passenger ticket and onboard spending revenue is expected to increase 66% and 36%, respectively. Cabin bookings in the second quarter were up 58% compared to this time last year. For Carnival, booking volumes in the second quarter were 17% higher than in 2019, Carnival CEO Josh Weinstein told investors in June. Meanwhile, investors will be watching if record nightly rates for on-shore accommodations can offset revenue in the second quarter. Hotel and short-term rental rates were about 18% and 35% more expensive in the second quarter than in 2019, according to analytics firms CoStar and AirDNA.

Persons: Brandt Montour, McKinsey, Sylvia Jablonski, Patrick Scholes, Josh Weinstein, AirDNA, Hilton, Doyinsola Oladipo, Granth, Susan Heavey Organizations: YORK, Investors, Hilton Worldwide Holdings, Royal Caribbean Cruises, Barclays, Royal, Carnival Corp, Cruise Line Holdings, Airlines, Cruises, Cruise, Truist Securities, Thomson Locations: Europe, United States, AirDNA . U.S, Asia, New York, Bangalore

☆ A 'major revolution' is underway in the food industry. How to invest in the rise of alternative meat
▼ + stars: | 2023-07-22 | by ( Michelle Fox | ) www.cnbc.com time to read: +12 min

"The food industry is undergoing a major revolution," Telsey Advisory Group analyst Sarang Vora wrote in a June 26 note. The rise, fall and future of plant-based meat Plant-based meat has been around for decades. The firm is forecasting a $450 billion market opportunity for cultivated meat by 2040, perhaps reaching 20% of the global meat market. Investing in cultivated meat For investors interested in getting in on the cultivated meat "revolution," it is still early stages, said Telsey's Vora. Archer-Daniels-Midland also recently announced it is collaborating with Believer Meats on new ways to develop and commercialize cultivated meat products.

Persons: Sarang Vora, Tyson, that's, we've, Alec Lucas, Laine Clark, it's, Clark, We'll, Hiral Patel, Brazil —, Institute's Clark, We're, It's, Telsey's, Kellogg, Steve Cahillane, Steakholder, Ben Haynor, — CNBC's Michael Bloom Organizations: Advisory, Department of Agriculture, Foods, McKinsey & Company, Tyson Foods, Kellogg, Global, Food Innovation, Whole Foods, Food Institute, CNET, Barclays, McKinsey, Daniels, Midland, Reuters, Steakholder, Global Partners Locations: Jordan, United States, U.S, Norway, China, India, Brazil

☆ Gen Zers want to be in the office. But their bosses are at home.
▼ + stars: | 2023-07-22 | by ( Alexandra York | ) www.businessinsider.com time to read: +5 min

Gen Z is more interested in working from the office than any other generation. "At JPMorgan, you're probably never going to be the smartest person in the room," he told Insider. Gen Zers see the office as a place to growDespite having grown up online, Gen Zers dislike working from home more than other generations. Among Gen Z, 57% want in-person jobs, according an online survey of about 3,100 US job seekers conducted by Jobslist in the final months of 2022. Joshua Roizman, a Gen Z employee at a software-development company , said he understood why some in other generations might not want to schlep back to the office.

Persons: Sam Farber doesn't, Farber, It'll, —, who've, aren't, Gen Zers, Slack, " Farber, Zehra Naqvi, Naqvi, She's, Z, Davina Ramkissoon, Joshua Roizman, Roizman Organizations: Service, JPMorgan, Kastle Systems, McKinsey Global Institute, Jobslist Locations: Wall, Silicon, Chicago, Asia, Europe, Dublin

☆ The number of people doing gig work on apps like Uber and DoorDash more than doubled during the pandemic
▼ + stars: | 2023-07-20 | by ( Juliana Kaplan | Madison Hoff | ) www.businessinsider.com time to read: +4 min

The number of people doing platform gig work like deliveries on apps in the US grew by over 150% during the pandemic. The researchers used tax data from 90 gig economy platforms and apps for their analysis. "COVID was a watershed moment for a particular type of platform gig work, which is delivery work," Koustas said. Gig workers became younger and more female; 44% of transportation and delivery platform workers were female by 2021, per the working paper. While platform gig work climbed during the pandemic, a research brief about the working paper results states that other contract and freelance work fell during COVID.

Persons: Dmitri Koustas, COVID, Koustas Organizations: Service, The University of Chicago Harris School of Public, McKinsey, Workers, Economic Policy Institute Locations: Wall, Silicon, United States

☆ Canadians and Brits spend the most time working from home, even though Americans want to most, survey shows
▼ + stars: | 2023-07-19 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

It found that Canadians and Brits spend the most time working from home. US workers are in third place, despite both staff and employers wanting to spend the most time. It found Americans were in third place for the number of days spent working from home, at an average of 1.4 per week. That's only narrowly behind the UK's 1.5, and Canada, whose workers spend an average of 1.7 days working from home each week. Globally, workers spend an average of 0.9 days working from home, despite employers planning for 1.1 days, and staff wanting two days.

Persons: That's, Mathias Dolls Organizations: Brits, Service, IFO, Macroeconomics, McKinsey Locations: Wall, Silicon, German, Canada, Koreans

☆ Employees earning over $150,000 are more likely to prefer WFH, McKinsey research finds
▼ + stars: | 2023-07-19 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

Employees earning a salary over $150,000 actually prefer working from home, a McKinsey study found. Senior workers are more likely to have comfortable work setups at home as well as childcare duties. McKinsey's survey of 13,000 office workers in six countries published in July looks at how hybrid work has changed the way people work. 44% of senior workers said they would rather work from home; 50% of mid-level employees said the same, but only 6% of junior employees shared this sentiment. Senior employees tend to be more confident in their skills and might have a more comfortable remote working setup.

Persons: they'd, they're, Slack's, Cal Henderson Organizations: McKinsey, Service, Junior Locations: Wall, Silicon

☆ BlackRock might not be 'woke' anymore after the asset manager put an oil CEO on its board
▼ + stars: | 2023-07-19 | by ( Rebecca Ungarino | George Glover | ) www.businessinsider.com time to read: +4 min

BlackRock named Aramco CEO Amin Nasser to its board Monday. Nasser leads the world's largest oil producer, which is mainly owned by the Saudi Arabian state. Its decision to name Aramco CEO Amin Nasser to its board Monday provides further ammunition for those critics, signaling that the firm might not be as socially conscious as it says it is. That is the wrong player here, unless [BlackRock CEO] Larry Fink really wants to blur their image on the ESG front," Jeffrey Sonnenfeld, the Yale professor and management expert, said on CNBC Tuesday. Amin H. Nasser, president and chief executive officer of Saudi Arabian Oil Company (Saudi Aramco), speaks at the China Development Forum in Beijing, China, March 19, 2017.

Persons: Amin Nasser, Nasser, Larry Fink's, it's, Larry Fink, Jeffrey Sonnenfeld, Biden, Jamal Khashoggi, He'll, that's, Amin H, Shu Zhang, Reuters Fink, BlackRock's, It's, Fink, he'd Organizations: BlackRock, Aramco, Yale, CNBC, Washington Post, Saudi Arabian Oil Company, China Development Forum, Reuters, McKinsey, Republican Locations: Saudi Arabian, Saudi Arabia, Saudi, Saudi Aramco, Beijing, China, Massachusetts

☆ Reactions: UK inflation cools in June, pound drops
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +6 min

Sterling dropped broadly, falling against the dollar, the euro and the yen, as interest-rate futures showed investors no longer expect UK rates to peak above 6%. COMMENTS:KEVIN BRIGHT, GLOBAL LEADER, CONSUMER PRICING PRACTICE, MCKINSEY & COMPANY, LONDON:"Inflation dipped more than expected; but the gulf between the UK and the Eurozone inflation levels remains. Despite most categories seeing a decline, food & non-alcoholic beverage inflation at 17.3% remains only 1.8% below its peak in March 2023. "Continued rising prices, higher interest rates and below inflation wage growth – are a triple blow to household budgets. NEIL BIRRELL, CHIEF INVESTMENT OFFICER, PREMIER MITON INVESTORS, LONDON:"Some good news on UK inflation at last, coming in below expectations for June and most importantly the core inflation rate fell more than thought.

Persons: Sterling, BoE, KEVIN, JOE TUCKEY, JORDAN, NOMURA, CHRIS BEAUCHAMP, Andrew Bailey, JEREMY BATSTONE, CARR, RAYMOND JAMES, ” KENNETH BROUX, It's, JOSEPH CALNAN, NEIL BIRRELL, Amanda Cooper, Andrew Heavens, Catherine Evans Organizations: Bank of England's, Reuters, Reuters Graphics Reuters, MCKINSEY, COMPANY, LONDON, Bank of England, JORDAN ROCHESTER, CPI, IG GROUP, Bank of, SOCIETE GENERALE, U.S, EMEA, Thomson Locations: homebuilders, Bank of England, EUROPEAN

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

☆ Carbon data and credit rating startup Sylvera just raised $57 million as it heads to the US. Check out the 12-slide pitch deck it used to raise the fresh funds.
▼ + stars: | 2023-07-18 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +3 min

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

☆ JPMorgan, Wells Fargo prepare for losses on office loans
▼ + stars: | 2023-07-14 | by ( Matt Tracy | ) www.reuters.com time to read: +3 min

July 14 (Reuters) - JPMorgan Chase (JPM.N) and Wells Fargo (WFC.N) said on Friday they set aside more money for expected losses from commercial real estate loans, in the latest sign that stress is building up in the sector. Wells Fargo reported higher losses in CRE due to its office loan portfolio. "While we haven't seen significant losses in our office portfolio to-date, we are reserving for the weakness that we expect to play out in the market over time," Wells Fargo CEO Charlie Scharf said. The bank, which acquired First Republic Bank in May, reported $1.1 billion in credit loss provisions driven by its office portfolio. Some $20 billion of office commercial mortgage-backed securities, which bundle together individual loans, mature in 2023, according to real estate data provider Trepp.

Persons: JPMorgan Chase, Wells, Wells Fargo, Charlie Scharf, Jeremy Barnum, Matt Tracy, Michelle Price, Lananh Nguyen, Nick Zieminski Organizations: JPMorgan, Republic Bank, U.S, Federal, Regulators, McKinsey Global Institute, McKinsey, Thomson Locations: Wells, CRE, U.S

☆ The value of office buildings is sinking – but turning 'zombie' offices into apartments is harder than you think. Here's why.
▼ + stars: | 2023-07-14 | by ( Jordan Hart | ) www.businessinsider.com time to read: +4 min

About $800 billion may be wiped off the value of offices in major cities this decade, per McKinsey. Converting New York offices into residences is possible but has its challenges, Bloomberg reported. Buildings in the financial district are only eligible if they were built before 1977, while it's 1961 for Midtown structures, Chilelli told Bloomberg. Structural issues must also be considered, Chilelli told Bloomberg. Repurposing a structure can as much as double the price per square foot for a building, Chilelli said.

Persons: Joey Chilelli, Chilelli, Eric Adams —, Maria Torres, Springer, Michael Cohen, Jeff Bezos, Mukesh Ambani, Mukesh Ambani's, Danish Siddiqui, Lilla Smith, Macklowe Organizations: McKinsey, Bloomberg, Service, Vanbarton Group, Williams, Flatiron, Danish, Irving Trust Company, Sixth Locations: New York, Wall, Silicon, Midtown, Manhattan, Mumbai, Lower Manhattan, York

☆ The Nasdaq-100 index is getting a makeover. Here's how
▼ + stars: | 2023-07-14 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

CNN —The Nasdaq-100 index is getting a fresh look. What happened: The index comprises 100 of the largest non-financial companies listed on the Nasdaq. Seven companies listed in the Nasdaq-100 accounted for roughly 51% of the index as of June 3, according to a note by Louis Navellier, chairman of Navellier & Associates. The Nasdaq is looking to fix that problem – without changing any of the stocks in the index. Nasdaq won’t remove or add any stocks to the index during this rebalance, according to the release.

Persons: Louis Navellier, Apple, Donald Calcagni, ”, What’s, Cameron Lilja, Bob Iger, Ron DeSantis, Tucker Carlson, ” Iger, Read, Hanna Ziady Organizations: CNN Business, Bell, CNN, Nasdaq, Navellier, Associates, Microsoft, Nvidia, Tesla, Apple, Mercer Advisors, Stocks, Florida Gov, Disney, Fox News, CNBC, McKinsey Global Institute Locations: Europe, Florida

☆ The cloud uses massive amounts of energy. Generative AI will be way worse. A Microsoft data center veteran warns big changes are coming.
▼ + stars: | 2023-07-14 | by ( Ellen Thomas | ) www.businessinsider.com time to read: +7 min

Training AI models in data centers uses up to three times more energy than traditional cloud tasks. A warning from a Microsoft data center veteranA Microsoft data center. MicrosoftTom Keane, who oversaw Microsoft's cloud data centers for about two decades, recently warned about this. An AI data center will need up to three times more power than a traditional cloud facility, he estimated. "The data center of the future is not in Virginia, it's not in Santa Clara, it's not in Dallas, Texas," Ganzi said.

Persons: Marc Ganzi, Cowen, Nammo, TikTok, Jack Clark, Matthew Barakat, Shaolei Ren, Microsoft Tom Keane, Keane, Bernstein, Mark Moerdler, DigitalBridge, Ganzi, it's, Ellen Thomas Organizations: Dominion Energy, Amazon, Microsoft, Google, McKinsey, Big Tech, Financial Times, AP, Nvidia, UC Riverside Locations: Northern Virginia, Manassas , Virginia, Virginia, DataBank, Santa Clara, Dallas , Texas

☆ Cinepolis exec Eduardo Acuna to become Cineworld CEO
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +2 min

July 13 (Reuters) - Cineworld Group (CINE.L) said on Thursday Eduardo Acuna, who runs the Americas operations of Mexican theatre operator Cinepolis, will become its CEO when the company emerges from bankruptcy proceedings, expected this month. The group, which filed for U.S. bankruptcy protection in September, said lenders had agreed to appoint Acuna as CEO of the newly formed parent company after its restructuring plan becomes effective. Cineworld had faced discontent from shareholders over executive pay in 2021, including bonuses to the CEO and his brother and deputy chief Israel Greidinger. Acuna, who has been with Cinepolis since 2005, previously held roles at McKinsey and Co and Goldman Sachs. Cineworld added that it "understands that a selection process for the remaining members of the new company's board is ongoing".

Persons: Eduardo Acuna, Acuna, Eric Foss, Mooky Greidinger, Greidinger, Cineworld, Israel Greidinger, Goldman Sachs, Eva Mathews, Yadarisa, Shinjini Organizations: Cineworld, U.S, Pepsi, Cinema City, Regal Entertainment, Financial Times, McKinsey, Thomson Locations: London, Britain, U.S, British, Bengaluru

☆ Hybrid-work trend may wipe out $800 billion from office property values by 2030, McKinsey study says
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +2 min

July 13 (Reuters) - A shift to remote working is likely to wipe off $800 billion from the value of office buildings in major global cities by 2030, according to a study published by consulting firm McKinsey on Thursday. The survey said employees continued to spend far less time working at the office compared to pre-pandemic times. Remote working seemed to have contributed to migration away from prime cities, partly influenced by complete work-from-home models and cheaper housing availability in suburban areas. "The decline in demand has prompted tenants... to negotiate shorter leases from owners," said the McKinsey report, adding that short-term leases might make it more difficult for property owners to secure financing. The McKinsey report comes at a time when world economies are navigating an array of macroeconomic challenges such as elevated inflation, high interest rate levels and mounting recession fears.

Persons: Aby Jose Koilparambil, Shilpi Majumdar Organizations: McKinsey, Thomson Locations: Beijing, Houston, London , New York City, Paris, Munich, San Francisco, Shanghai, Tokyo, Bengaluru

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