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☆ Amazon, Meta, and other big tech firms have entered the 'Great Hesitation' — cutting hiring and other costs in fear of an economic downturn
  + stars: | 2022-10-16 | by ( Rob Price | Eugene Kim | ) www.businessinsider.com   time to read: +10 min
Leaders at large-cap tech companies are in an anxious waiting game, battening down the hatches as they prepare for the storm to hit. Some tech firms will be hurt moreAmong the biggest players in the tech industry, the impacts of a crash will not be felt evenly. "I look at these large tech companies, and over the last couple of years, obviously money's been free, everything got bloated, and all these tech companies — excluding Apple — have effectively doubled their head count over a three-year period, right? Beyond head count, tech companies are cutting back on extras, imperiling their famously lavish meal options. The largest tech companies are also signaling their anxiety by trimming budgets for their more experimental businesses and research projects.
☆ When the AI goes haywire, bring on the humans
  + stars: | 2022-10-13 | by ( Paresh Dave | Thomson Reuters | San Francisco Bay Area-Based Tech Reporter Covering Google | ) www.reuters.com   time to read: +7 min
The AI software told banks to deny millions of legitimate purchases, at a time when consumers had been scrambling for toilet paper and other essentials. Seasonal variations, data-quality changes or momentous events - such as the pandemic - all can lead to a string of bad AI predictions. Also to blame was its AI system learning from corrupted data, the company said. Arize AI, which raised $38 million from investors last month, enables monitoring for customers including Uber, Chick-fil-A and Procter & Gamble. Zoldi said consumer habits were changing too fast to rewrite the AI system.
☆ 1,000 food workers at San Francisco airport are on strike
  + stars: | 2022-09-27 | by ( Chris Isidore | ) edition.cnn.com   time to read: +4 min
CNN Business —Workers who provide food and drinks to travelers at San Francisco International Airport are on strike, seeking what they say would be their first raise in four years. The 1,000 strikers are members of Unite Here Local 2, a Bay Area union with 15,000 members. The airport workers work under a multi-employer joint labor agreement that covers 30 different employers spread among 84 different locations at the airport. Airport management, which is not a party to the talks, issued a statement apologizing to passengers for any inconvenience. There is now a higher minimum wage of $19.15 an hour for jobs on city-owned properties, which includes the airport, but these union workers are still under the 2018 contract.
☆ FTC should probe payroll data deals by brokers like Equifax, rival says
  + stars: | 2022-09-27 | by ( Paresh Dave | Thomson Reuters | San Francisco Bay Area-Based Tech Reporter Covering Google | ) www.reuters.com   time to read: +2 min
In the letter to the FTC, San Mateo, California-based startup Certree said that Equifax and Experian are providing financial incentives like a slice of their revenue to employers to gain exclusive access to payroll data. Equifax also has deals with payroll software vendors that help employers process paychecks. Equifax in March described its Workforce Solutions unit, which included the payroll data on 105 million people, as its "fastest growing, highest margin, and most valuable business," with just over $2 billion in revenue. The company said workers can view or block access to records and that it has improved data security. But in the letter, Certree said the exclusivity deals pose "enormous obstacles."
☆ 'Everything's gotten frothy': The CIO of a private credit investment firm says that despite a possible housing correction, data suggests that the market is on stable footing
  + stars: | 2022-09-24 | by ( Laila Maidan | ) www.businessinsider.com   time to read: +5 min
In September, mortgage rates reached peaks not seen in the last 15 to 20 years. But Sean Bill, the chief investment officer at Prime Meridian Capital Management, says that recent mortgage and sales data suggests that the housing market is still going strong. But I'd say we have a relatively contrarian view that we are not super beared up on the housing market." From his perspective, housing supply will remain tight, regardless of a drop in demand. The chart below demonstrates historically low mortgage rates on outstanding debt since 1979.
☆ The Luxury Home Market Posts Its Biggest Decline in a Decade. ‘It’s Like Crickets.’
  + stars: | 2022-09-22 | by ( Katherine Clarke | ) www.wsj.com   time to read: 1 min
When Nancy Lam upgraded in January to a home closer to her child’s school in the San Francisco Bay Area, she thought she had plenty of time to list her old house, a five-bedroom modern home in the sought-after suburb of Lafayette. After all, the pandemic had sent the luxury housing market soaring, and homes across the country were seeing aggressive bidding wars and selling for sky-high prices. Ms. Lam, a business professor, and her husband, who works in healthcare and declined to be named, took their time sprucing up the house in a bid to get the best possible price for the home, which they had bought for $1.67 million in 2014.
☆ The Luxury Home Market Posts Its Biggest Decline in a Decade. “It’s Like Crickets.”
  + stars: | 2022-09-22 | by ( Katherine Clarke | ) www.wsj.com   time to read: 1 min
When Nancy Lam upgraded in January to a home closer to her child’s school in the San Francisco Bay Area, she thought she had plenty of time to list her old house, a five-bedroom modern home in the sought-after suburb of Lafayette. After all, the pandemic had sent the luxury housing market soaring, and homes across the country were seeing aggressive bidding wars and selling for sky-high prices. Ms. Lam, a business professor, and her husband, who works in healthcare and declined to be named, took their time sprucing up the house in a bid to get the best possible price for the home, which they had bought for $1.67 million in 2014.
☆ New York to install surveillance cameras in every subway car
  + stars: | 2022-09-20 | by ( Kevin Collier | Kevin Collier Is A Reporter Covering Cybersecurity | Privacy | ) www.nbcnews.com   time to read: +3 min
New York, home of the largest rapid transit system in the country, will install surveillance cameras in every New York City subway car by 2025, Gov. The move is aimed at increasing riders’ confidence in subway safety, Hochul said, as ridership numbers are still lagging behind pre-pandemic levels. But the decision to install cameras on subway cars worries some privacy advocates, who say it will increase the level of surveillance of New Yorkers without necessarily making the subway safer. Subway stations in the city already have surveillance cameras. Instead, Hochul framed the matter of cameras in subway cars as purely one of public safety and rider confidence.
☆ Meet Dylan Field, the 30-year-old college dropout who built Figma, one of Silicon Valley's most beloved companies, and is set to become a billionaire when it sells for $20 billion to Adobe
  + stars: | 2022-09-20 | by ( Paayal Zaveri | ) www.businessinsider.com   time to read: +7 min
Adobe's $20 billion bid to buy Figma makes CEO Dylan Field's stake worth $2 billion. When the design-software startup Figma was just starting out, Dylan Field, its cofounder and CEO, and his colleagues would pitch prospective customers' design teams, but they struggled with one major problem. While customers were excited about Figma's product, they hesitated to switch from existing tools. Now, Adobe's $20 billion bid to buy Figma makes Field's stake in the company worth $2 billion. Field's rise to successEvan Wallace and Dylan Field are the cofounders of Figma.
☆ Meet Dylan Field, the 30-year-old college dropout who built Figma, one of Silicon Valley's most beloved companies, and then will become a billionaire when it sells for $20 billion to Adobe
  + stars: | 2022-09-20 | by ( Paayal Zaveri | ) www.businessinsider.com   time to read: +7 min
When design-software startup Figma had just started out, cofounder and CEO Dylan Field and his colleagues would pitch potential customers' design teams, but they struggled with one major problem. While customers were excited about Figma's product, they hesitated to switch from existing tools. Now, Adobe's $20 billion bid to buy the design software startup makes Field's stake in the company worth $2 billion. Field's rise to successEvan Wallace and Dylan Field are the cofounders of Figma. After taking time off to do a product design internship at news-sharing service Flipboard, he decided not to return to school.
☆ Environmental groups ask P&G investors to vote against CEO as board chair
  + stars: | 2022-09-19 | by ( Jessica Dinapoli | Thomson Reuters | New York-Based Reporter Covering U.S. Consumer Products Spanning Paper Towels To Packaged Food | ) www.reuters.com   time to read: +5 min
They also oppose corporate directors Angela Braly, chair of the governance and public responsibility committee and Patricia Woertz, a member of that committee. Register now for FREE unlimited access to Reuters.com RegisterInvestors are set to vote on the re-election of P&G's corporate directors at its annual meeting on Oct. 11. In the filing, the environmental groups request replacing Moeller with an independent chair, a structure some investors prefer. Braly's role as chair of the governance and public responsibility committee, which oversees environmental concerns including forestry, "have not succeeded in mitigating" risks in P&G's forest sourcing, the environmental groups said. The environmental groups said Moeller's work with Monsanto, owned by Bayer, "does not align with prioritizing corporate responsibility or scientific integrity."
☆ Environmental groups ask investors to vote against P&G CEO, directors
  + stars: | 2022-09-19 | by ( Jessica Dinapoli | Thomson Reuters | New York-Based Reporter Covering U.S. Consumer Products Spanning Paper Towels To Packaged Food | ) www.reuters.com   time to read: +4 min
Register now for FREE unlimited access to Reuters.com RegisterInvestors are to vote on the re-election of P&G's corporate directors at its annual meeting on Oct. 11. Last year, NRDC also urged investors to vote against Braly, and she received significantly fewer votes for her re-nomination to the board compared to other directors, according to a securities filing. P&G is "laser-focused on shareholder values and the value of the company from an asset perspective," Matthews said. Braly's role as the chair of the governance and public responsibility committee, which oversees environmental concerns including forestry, "have not succeeded in mitigating" risks in P&G's forest sourcing, the environmental groups said. The environmental groups said Moeller's work with Monsanto, now owned by Bayer, "does not align with prioritizing corporate responsibility or scientific integrity."
☆ I moved to the US to pursue a career in academia before realizing it's a 'broken system.' Here's how I pivoted to climate tech and found a job that made me happier than ever
  + stars: | 2022-09-19 | by ( Aaron Mok | ) www.businessinsider.com   time to read: +4 min
He was on track to become an academic, but pivoted to climate tech for better work-life balance. This as-told-to essay is based on a conversation with Ali Ahmadalipour, a 33-year-old data scientist at climate tech firm KatRisk in the San Francisco Bay Area, about how he broke into climate tech. But now, I work in climate tech and I've never been happier. Building an online presence helps candidates stand out in a competitive job marketBuilding my online presence really set me apart from the typical candidate. Take advantage of the high demand for climate tech jobs todayNow is the best time to break into climate tech.
☆ Box CEO explains how the cloud company boosted revenue by $246 million amid the downturn by paying closer attention to its biggest enterprise deals
  + stars: | 2022-09-01 | by ( Aaron Mok | ) www.businessinsider.com   time to read: +4 min
Public cloud companies are seeing plummeting stock prices amid the market downturn. Some cloud companies, like the $4.61 billion cloud-storage firm Box, aren't worried about the dip. It's been a tough year for public cloud companies. The $4.61 billion firm announced a $246 million increase in revenue in its second-quarter earnings, a 15% revenue increase compared to the previous year. To stay profitable, Box cut cloud-infrastructure costs by moving its operations to the public cloud, according to Levie.
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