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☆ Remote work could spark an $800 billion crash in office prices around the world
▼ + stars: | 2023-07-13 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Office buildings could suffer an $800 billion crash as work-from-home remains popular, per a new McKinsey report. Office prices could see a 26% drop by 2030, or a 42% drop in a more severe scenario, the consulting firm estimated. In a more severe scenario, demand could be 38% lower by 2030. In a moderate scenario, office prices could plunge 26% through 2030, compared to levels in 2019. In a more severe scenario, prices could plunge as much as 42%, researchers said -- in line with what other economists have predicted for the sector.

Organizations: McKinsey, Service, McKinsey Global Institute, New, Bank of America Locations: Wall, Silicon, New York City, San Francisco, Houston

☆ Hybrid work is the new normal, as companies rethink work habits and office and retail space
▼ + stars: | 2023-07-13 | by ( Stephanie Dhue | Stephanie-Dhue | ) www.cnbc.com time to read: +2 min

Virojt Changyencham | Moment | Getty ImagesOffice demand declinesThat flexibility is helping drive down demand for office space. By 2030, McKinsey predicts, demand for office space will be as much as 20% lower than it was in 2019, depending on the city. While remote and hybrid work is the big reason, the trend toward more desks in less space and shifts to automation were also factored into its analysis. Lower office space demand has companies rethinking how to make their real estate jibe with new work habits. Working in teams and increasing productivity are the top reasons office workers with flexibility give for being on-site.

Persons: Virojt, Jordan Goldstein, Goldstein Organizations: McKinsey, York's Financial, Financial Locations: San Francisco, Houston, Manhattan, New York, Lower

☆ Remote work could wipe out $800 billion from office buildings' value by 2030 — with San Francisco facing a 'dire outlook,' McKinsey predicts
▼ + stars: | 2023-07-13 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

And San Francisco faces a "dire outlook" — with a potential 38% fall in demand in a severe scenario. The cities include San Francisco, London, New York, Houston, Paris, Munich, Tokyo, Beijing, and Shanghai. The consulting giant found that, in most of these cities, demand in 2030 will still be lower than it was in 2019, before the pandemic. The $800 billion figure is based on an average 26% decline in the value of the cities' office space across that time period. McKinsey's model predicts a "dire outlook" for San Francisco.

Persons: It's, Elon Musk, Twitter Organizations: McKinsey, Service, Downtown Locations: Francisco, Wall, Silicon, Europe, Asia, San Francisco, London , New York, Houston, Paris, Munich, Tokyo, Beijing, Shanghai, Downtown San Francisco

☆ Working from home could wipe $800 billion from office values globally
▼ + stars: | 2023-07-13 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —Remote work risks wiping $800 billion from the value of office buildings in major cities worldwide by 2030 as the post-pandemic trend pushes up office vacancy rates and drives down rents, according to a new report. “Urban real estate in superstar cities around the world faces substantial challenges. In a more severe scenario, the value of office space could fall by as much as 42%, the consultancy said. Waning demand for office space has driven down landlords’ asking rents, with US cities suffering the sharpest falls, McKinsey found. In a moderate scenario, demand for office space could be 13% lower by the end of the decade than it was in 2019.

Persons: ” McKinsey, “, ” Organizations: London CNN, McKinsey Global Institute, HSBC, ” McKinsey, McKinsey, Bloomberg’s Technology, San Francisco Mayor London Breed, Westfield Locations: Canary Wharf, Beijing, Houston, London , New York, Paris, Munich, San Francisco, Shanghai, Tokyo, United States, Francisco and New York

☆ 6 DEI leaders just left senior roles in Hollywood and media—it’s part of a larger problem: ‘It’s absolutely alarming’
▼ + stars: | 2023-07-12 | by ( Jennifer Liu | In Jljenniferliu | ) www.cnbc.com time to read: +7 min

"DEI leaders are facing extreme fatigue and burnout," says Chandra Robinson, vice president in the Gartner HR practice. "Unfortunately," she says, "with so much attention paid to DEI, undue pressures are put on DEI leaders to make progress" quickly. Half of DEI leaders say their biggest challenge is when other leaders fail to take ownership for driving diversity outcomes, and one-third say they have limited power to effectively drive change, according to a 2022 Gartner survey of 181 DEI leaders. Black women are more likely than women overall to aspire to executive roles, according to the joint Lean In and McKinsey "Women in the Workplace" report. But they also face more barriers to advance in their career: Black women leaders are more likely to be undermined at work, and 1 in 3 Black women leaders says they've been denied or passed over for opportunities because of personal characteristics, including their race and gender.

Persons: Karen Horne, Vernā Myers, Netflix's, LaTondra Newton, Terra Potts, Joanna Abeyie, Myers, Abeyie, Rachel Thomas, aren't, Chandra Robinson, Robinson, George Floyd, It's, Russell Reynolds, Thomas, they're, they've, they'd, Kelly Evans Organizations: Hollywood, North, North America DEI, Warner Bros, Academy of Motion Pictures Arts and Sciences, America, DEI, Gartner, Lean, McKinsey, Women Locations: North America, Corporate America

☆ How Siemens and Alstom are preparing for a passenger rail boom in the U.S.
▼ + stars: | 2023-07-11 | by ( Magdalena Petrova | ) www.cnbc.com time to read: +2 min

Once a leader in passenger rail, the U.S. has since fallen behind many industrialized nations in rail funding and ridership — but investment is picking up. Investment in passenger rolling stock across North America, which includes high-speed rail, light rail, metro, passenger coaches and locomotives, is expected to increase 4.7% per year between 2021 and 2026, according to a projection from McKinsey & Company. Aside from the government, private companies are also working on beefing up passenger rail in the country. Brightline has already built out its passenger rail service in Florida, and its sister company, Brightline West, is working on a high-speed passenger rail line between Las Vegas and Southern California. CNBC visited railcar manufacturers Siemens and Alstom to see how they are ramping up passenger train production and to learn how the companies view the future of passenger rail in the U.S. Watch the video to find out more.

Persons: Marc Buncher, Scott Sherin, We've, Brightline Organizations: Investment, McKinsey & Company, Infrastructure Investment, Jobs, Siemens Mobility North, CNBC, Alstom, Amtrak, Alstom U.S, Siemens, U.S . Locations: U.S, North America, United States, Hornell , New York, Europe, Florida, Las Vegas, Southern California

☆ Canadian pension fund taps Europe's green hydrogen hopes with Dutch investment
▼ + stars: | 2023-07-11 | by ( Tommy Wilkes | ) www.reuters.com time to read: +3 min

LONDON, July 11 (Reuters) - Canada's biggest pension fund, CPP Investments, has made its first bet on green hydrogen playing a growing role in cutting emissions, with a 130 million euro ($143 million) investment and the purchase of a majority stake in a three-year-old Dutch firm. "Europe is generally seen as the leading industrial market or consumer for these green molecules. Power2X's current projects include a green hydrogen and ammonia development in Portugal and a solar power and green hydrogen project in Spain. Expanding green hydrogen production will require more renewable power generation, and some questions remain over its potential use cases versus other low-emission technologies. Last month Canada's Investment Management Corporation of Ontario announced a $400 million investment in Sweden's battery producer Northvolt.

Persons: Bruce Hogg, CPPI, Hogg, Occo Roelofsen, Tommy Reggiori Wilkes, Conor Humphries Organizations: Investments, Reuters, Investor, McKinsey, Investment Management Corporation of Ontario, Thomson Locations: Amsterdam, Europe, Portugal, Spain, Power2X

☆ Opinion: The election that couldn’t happen in high school
▼ + stars: | 2023-07-09 | by ( Richard Galant | ) edition.cnn.com time to read: +15 min

CNN —In the classic 1999 film, “Election,” the high school student government vote has everything: naked ambition, campaign poster shredding, ballot manipulation, infidelity and more. But what the gifted writer Tom Perotta likely couldn’t imagine was an election in which two unpopular candidates square off for president. That doesn’t happen in high school, even in a satirical movie. The president supports stripping that state of its first-in-the-nation primary status in favor of South Carolina, the state that energized Biden’s 2020 campaign. “In the runup to the 2024 elections, Democrats plan to put the Supreme Court on trial,” wrote David Mark.

Persons: Reese Witherspoon, Tracy Flick, ” Matthew Broderick, Jim McAllister, Tracy, Tom Perotta, Joe Biden, Donald Trump, Trump, Harry Enten, “, Julian Zelizer, ” Biden, Biden, specter, … ” Dana Summers, Robert F, Kennedy Jr, — Lyndon Johnson, Jimmy Carter, George H.W, Bush —, Kennedy, ”, MAGA, Sen, Lindsey Graham’s, Trump’s, Dean Obeidallah, Graham, Michael Flynn, Flynn, Peter Bergen, Erik German, Bill Bramhall, ” “ Flynn, ‘, America’s, …, Geoff Duncan, Drew Sheneman, Roe, Wade, David Mark, … ” Lisa Benson, GoComics.com, Biden romped, Jack Ohman, Kara Alaimo, Coles Whalen, ’, Alice Driver, Clay Jones, Mark Zuckerberg, Elon Musk, Meta, David Zurawik, Victoria, Olesya Khromeychuk, Victoria Amelina, Andrei Kartapolov, Sharp, ” Khromeychuk, ” Don’t, Sheikh Mohammed Al, Issa, David A, Nicole Hemmer, Jill Filipovic, Sonia Pruitt, Lynda Lin Grigsby, Sara Stewart, Jharrel Jerome, Boots Riley, Holly Thomas, Phoebe Waller, Indiana Jones, Harrison Ford, He’s, goddaughter Helena, Archimedes, Jones, Waller Organizations: CNN, Capitol, Trump, Biden, Agency, Republicans, RFK Jr, New, ”, FBI, Economic, Republican National, Republican Party, GOP, Democratic, McKinsey & Company, Twitter, Facebook, Russian Duma Defense, Hollywood, “, Indy Locations: New Hampshire, South Carolina, ” Bergen, German, Davos, Georgia, California, “, Russian, Ukrainian, Kramatorsk, Ukraine, New York, Donetsk, Auschwitz, Here’s, Oakland , California

☆ China's Alibaba unveils AI image generator to take on Midjourney and DALL-E
▼ + stars: | 2023-07-07 | by ( Josh Ye | ) www.reuters.com time to read: +1 min

HONG KONG, July 7 (Reuters) - Alibaba Group Holdings Ltd (9988.HK) announced on Friday an artificial intelligence (AI) image generator, initially available to enterprise customers in beta form, as it ramps up its offerings in the fast-growing AI sector. The image generator, Tongyi Wanxiang, will compete with OpenAI's DALL-E and Midjourney Inc's Midjourney, U.S.-based rivals that have gained a large following worldwide. Alibaba Cloud, recently formed from a massive overhaul that split the Chinese tech major into six units, has also released a ChatGPT-like text generator, Tongyi Qianwen, which was launched in April. Baidu Inc (9888.HK) and SenseTime Group Inc <0020.HK > also recently unveiled AI image generators, although generative AI services have yet to receive regulatory approval for wide distribution in China. The Tongyi Wanxiang image generator, which roughly translates as "truth from tens of thousands of pictures", was revealed at the World Artificial Intelligence Conference in Shanghai on Friday.

Persons: Wanxiang, OpenAI's DALL, Inc's Midjourney, OpenAI's, chatbot, Josh Ye, Edmund Klamann Organizations: Alibaba Group Holdings, HK, McKinsey, Baidu Inc, SenseTime, Artificial Intelligence, Thomson Locations: HONG KONG, U.S, China, Shanghai

HONG KONG, July 7 (Reuters) - Alibaba Group Holdings (9988.HK) and Huawei Technologies Co on Friday showcased new products, including an artificial intelligence (AI) image generator and an AI model upgrade, as Chinese companies jostle for position in the global AI race. Alibaba Cloud, an Alibaba subsidiary, presented at the World Artificial Intelligence Conference in Shanghai an image generator named Tongyi Wanxiang that will initially be available to enterprise customers in beta form. Also on Friday, Huawei demonstrated the third iteration of its Panggu AI model at the start of its three-day annual developer conference in Dongguan. Alibaba's image generator will compete with OpenAI's DALL-E and Midjourney Inc's Midjourney, U.S.-based rivals that have gained a large following worldwide. Alibaba Cloud emerged from a massive overhaul announced in March that split the Chinese tech major into six units.

Persons: OpenAI, OpenAI's DALL, Inc's Midjourney, Alibaba, Josh Ye, Edmund Klamann, Barbara Lewis Organizations: Alibaba Group Holdings, HK, Huawei Technologies, Artificial Intelligence, Huawei, McKinsey, Alibaba, Thomson Locations: HONG KONG, Shanghai, Dongguan, U.S, Shenzhen

LONDON, July 5 (Reuters) - Dismissal of this year's much-scorned equity market rally as the frothy preserve of a handful of AI-fuelled stocks may be both misleading and also one of its strengths. Or, put another way, if you remove the top 10 stocks, the other 490 would only have gained 4%. And an eye-popping 75% surge in the high-octane 10-stock FANG+TM index (.NYFANG) - mega cap U.S. digital and tech stocks including Apple, Microsoft, Nvidia and Tesla - underlines that. In short, they're hard to avoid unless you dodge either U.S.-listed companies or equity markets altogether. "While stock market investments may be risky in the short run, when viewed against inflation they have offered far more certainty in the long run," he told clients.

Persons: Russell, Andrew Lapthorne, Japan's, Germany's DAX, Italy's, Duncan Lamont, Lamont, Mike Dolan, Mark Potter Organizations: Nasdaq, Apple, Microsoft, Nvidia, Tesla, H1 Stock, Japan's Nikkei, MIB, McKinsey, Bank, Big Tech, Reuters, Twitter, Thomson Locations: Europe, Japan, U.S, United States

☆ Opinion: Lab-grown meat is an expensive distraction from reality
▼ + stars: | 2023-07-05 | by ( Alice Driver | ) edition.cnn.com time to read: +6 min

Lab-grown meat, also known as cultured or cultivated meat, costs about $17 a pound, making it unaffordable for most consumers. Lab-grown meat has more in common with meat produced at a slaughterhouse than you might think. Some critics of the meatpacking industry have gotten excited about the idea of lab-grown meat as an alternative to Big Chicken. Tyson Foods, the largest meatpacking company in the US, was an early investor in the plant-based meat company Beyond Meat and has put money in Upside Foods. Before celebrating cultured meat as a victory for anyone, surely more studies are needed to explore this point further.

Persons: Alice Driver, James Beard, Alice Driver Alice Driver, restauranteur, ” Andrés, Dominique Crenn, Andres ’, Cargill, Tyson, “ We’ve, David Humbird, Humbird, Davis Organizations: American Worker, CNN, CNN —, Tyson Foods, Foods, JBS, McKinsey & Company, Twitter, University of California, Biotechnology, Food Institute, Big Tech Locations: Little Rock , Arkansas, United States, China, Washington ,, San Francisco, Berkeley

☆ Travel in America is a crasphoot, and it won't get better anytime soon
▼ + stars: | 2023-06-30 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

Passengers weave through JFK International airport on Friday, which is expected to be the busiest day for air travel since the start of the pandemic. Unfortunately, it’s not going to get better anytime soon. This summer, airfare is expected to remain higher than pre-pandemic levels, though a bit lower than their 2022 levels, according to travel research site Hopper. Demand for air travel roared back faster than airports and airlines could rehire staff. When demand for travel roared back faster than expected, the airlines couldn’t hire fast enough.

Persons: David Dee Delgado, it’s, Scott Olson, ” Biden, airfare, Hopper, Mario Tama Organizations: New, New York CNN, Transportation Security, JFK International, Biden, Amtrak, Jet, McKinsey Locations: New York, United States, Europe, Asia

Morgan Stanley co-presidents Ted Pick and Andy Saperstein are widely viewed as the front-runners for the top job, with Pick seen as having a slight edge, the person said. A Morgan Stanley spokesperson declined to comment, as did Gorman, Pick, Saperstein and Simkowitz when contacted directly. SUCCESSION PLANNINGSince taking the helm, Australian-born Gorman, 64, has transformed Morgan Stanley through a series of major deals into a wealth management powerhouse that aims to manage $10 trillion in assets. Pick, 54, heads Morgan Stanley's institutional securities group, overseeing areas including investment banking, equities and fixed income. Saperstein, 56, is in charge of the wealth management unit that has bolstered Morgan Stanley's profits in recent years.

Persons: Morgan Stanley's, James Gorman's, Gorman, Morgan Stanley, Ted Pick, Andy Saperstein, Pick, Dan Simkowitz, Morgan, Merrill Lynch, You've, you've, Peter Orszag, Kenneth Jacobs, JPMorgan Chase, Jamie Dimon, Brian Moynihan, Lananh Nguyen, Paritosh Bansal, Megan Davies, Jamie Freed Organizations: YORK, U.S . Securities, Exchange Commission, U.S, Attorney's, Southern, of, McKinsey, White House, JPMorgan, Bank of America, Thomson Locations: London, New York, of New York, Australian

☆ Stockholm Wood City: World’s largest ‘wood city’ to be built in Sweden
▼ + stars: | 2023-06-28 | by ( Jacquelyn Palumbo | Jacqui Palumbo | ) edition.cnn.com time to read: +3 min

Singapore, meanwhile, can lay claim to the largest timber building in Asia with a sprawling 468,000-square-foot college campus that opened in May. Now, real estate developer Atrium Ljungberg has announced plans to build the world’s largest “wooden city,” which will be constructed in Sweden’s capital, Stockholm, from 2025. Stockholm Wood City will feature 7,000 office spaces and 2,000 homes in the city’s southeast, and will offer “a vibrant, urban environment with a mix of workplaces, housing, restaurants and shops,” according to a press release. Stockholm Wood City's developers say it will be the largest timber construction project in the world. The first buildings in Stockholm Wood City, which is being designed by architecture firms White Arkitekter and Henning Larsen, are set to complete in 2027.

Persons: Ljungberg, ”, Annica Ånäs, ” Ånäs, White Arkitekter, Henning Larsen Organizations: CNN, Ljungberg, Stockholm Wood, McKinsey Locations: Norway, Switzerland, Australia, Singapore, Asia, ”, Stockholm, Stockholm Wood, Sickla, Sweden, Stockholm Wood City

☆ The telehealth services we all relied on during COVID are fading away — but telemedicine may be entering a new era as providers look to bring the clinic home
▼ + stars: | 2023-06-28 | by ( Natalie Rahhal | ) www.businessinsider.com time to read: +7 min

But it's exhausted the capabilities of asynchronous care, one healthcare expert told Insider. The answer may lie in in-home monitoring technology, healthcare experts told Insider, which could be the next phase of telemedicine. Another example of a telemedicine model that uses in-home monitoring to expand access to care is the startup Bicycle Health. But there are obstacles to getting this kind of care to patients, including doctors' resistance to telemedicine and federal and state regulation. "For one-quarter century, this has been the domain of states," Kyle Zebley, senior vice president of public policy at the American Telemedicine Association, told Insider.

Persons: it's, Alana Saltz, Saltz, Ateev, Mehrotra, Danny Nieves, Kim, Nieves, telehealth, —, Kyle Zebley, Zebley, that's Organizations: Healthcare, Morning, Harvard University, Technology, Health, Bicycle Health, American Telemedicine Association, McKinsey Locations: COVID, —

☆ Your employer may be quiet quitting on you
▼ + stars: | 2023-06-27 | by ( Aki Ito | ) www.businessinsider.com time to read: +9 min

Some bemoaned it as quiet quitting; others celebrated it as a much-needed correction to the toxic demands of hustle culture. But employees, it turns out, aren't the only ones distancing themselves from the office: Employers are quiet quitting on the whole idea of traditional full-time employment. If workers are going to be remote, the thinking seems to go, why not get the cheapest remote workers available? That ruled out contractors, because contractors work remotely. And that could be a huge problem for everyone, given America's insistence on tying basic benefits to full-time employment.

Persons: Nicholas Bloom, Slack, they're, —, Gen Zers, It's, Bloom, they'll, Jessica Schultz, she's, Schultz, They're, it's, Liz Wilke, Aki Ito Organizations: Atlanta Fed, Stanford University, McKinsey Locations: American

☆ 5 ways AI could change your job, including making it more interesting and helping to convince your boss to let your work from home
▼ + stars: | 2023-06-27 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +7 min

Insider asked several experts in AI, economics, and remote work about the multitude of ways Americans' working lives could be impacted by AI moving forward. AI could eliminate some jobs and boost competition for those that remainGenerative AI technologies like ChatGPT will likely create some jobs and replace others. But for companies with leadership that has this concern, AI productivity gains could help them forget about some of their remote work "productivity paranoia" — a factor that in theory, could help remote work persist at some businesses. "So I think the biggest AI impact will be a ton of fully remote jobs like data-entry, payroll etc going to AI." Added Frey: "Any technology that increases productivity, ChatGPT included, makes a shorter workweek more feasible."

Persons: —, there's, Goldman Sachs, Mark Muro, Carl Benedikt Frey, coders, Frey, Oded, Muro, Nick Bloom, Columbia's Netzer, Michael Chui Organizations: Service, Brookings Institution, Columbia Business School, Workers, Microsoft, New York Fed, Companies, Stanford, McKinsey Global Institute Locations: Oxford

☆ AI’s deflationary winds will blow away profits
▼ + stars: | 2023-06-27 | by ( Francesco Guerrera | ) www.reuters.com time to read: +6 min

LONDON, June 27 (Reuters Breakingviews) - The prevailing expectation for artificial intelligence’s (AI’s) impact on humans is laden with doom. Yet the history of technological innovation suggests humans will see at least one tangible benefit from AI: lower prices for what they consume. One innovation that could give consumers an advantage over companies is AI agents. Streaming services like Netflix (NFLX.O) and Walt Disney’s (DIS.N) Disney+ could also suffer if AI agents take off. Junior lawyers, call centre operators and advertising copywriters, to name but a few, should probably be afraid, very afraid of AI’s looming threat.

Persons: ”, Geena Davis, David Cronenberg’s, Goldman Sachs, Morgan Stanley, Morgan Stanley reckons, HelloFresh, Walt Disney’s, Peter Thal Larsen, Oliver Taslic Organizations: Reuters, Goldman, McKinsey, Nvidia, May, Reuters Graphics Reuters, U.S . Bureau of Labor Statistics, Bureau of Labor Statistics, Netflix, Deloitte, Thomson Locations: United States, Mallorca

McKinsey says generative AI could add $7.3 trillion in value to the world economy each year and believes half of today's work activities could be automated between 2030 and 2060. The latest Bank of America survey in June showed 29% of global investors don't expect AI to increase profits or jobs. "There's a lot of focus on the risks that generative AI can bring. He sounded confident over the capacity of some professional information and data providers, which own proprietary data, to integrate generative AI into their products. Cristina Matti, small and midcaps portfolio manager at Amundi, said indiscriminate investing was not an option for investors seeking AI exposure.

Persons: Gilles Guibout, UK's Pearson, Chegg, Pearson, Thomas McGarrity, Andrea Scauri, Scauri, Capgemini, Cristina Matti, Danilo Masoni, Lucy Raitano, Chizu Organizations: Nvidia, McKinsey, AXA Investment, Bank of America, Microsoft, RBC Wealth Management, Accenture, Thomson Locations: MILAN, Europe, United States, Paris, Lemanik, Amundi

☆ US climate change lawsuit seeks $50 billion, citing 2021 heat wave
▼ + stars: | 2023-06-23 | by ( Clark Mindock | ) www.reuters.com time to read: +3 min

June 22 (Reuters) - An Oregon county on Thursday sued Exxon (XOM.N), Chevron (CVX.N), other major oil and coal companies, and industry groups, seeking over $50 billion to counter the harms caused by extreme weather fueled by climate change. It said the companies and trade groups must now help pay for past and future harms from the extreme weather that has resulted, including a 2021 heat wave in the Pacific Northwest that killed dozens. The lawsuit also targets the consulting firm McKinsey, which it said advises major oil companies, including on strategies to downplay or deny the link between greenhouse gas emissions and extreme weather. Since the area normally has mild weather, the lawsuit said residents were not equipped with things like air conditioners to handle the elevated temperatures. The county said 69 people in the county died from overheating and the heat wave caused a "crushing economic burden."

Persons: Theodore Boutrous, Clark Mindock, Alexia Garamfalvi, Matthew Lewis, Diane Craft Organizations: Exxon, Chevron, American Petroleum Institute, McKinsey, U.S, U.S . Constitution, Congress, Thomson Locations: An Oregon, Multnomah County, Portland, Pacific Northwest, U.S ., U.S, United States, New York

☆ 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

☆ Oregon county sues oil, gas companies including Exxon, Shell, Chevron for deadly 2021 Pacific Northwest heat dome
▼ + stars: | 2023-06-23 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +4 min

Multnomah County in Oregon is suing oil and gas companies Exxon Mobil , Shell , Chevron , BP, ConocoPhillips and related organizations for the damages caused by the 2021 Pacific Northwest heat dome. Multnomah County said these and other fossil fuel companies and entities operating in the region are significantly responsible for causing and worsening the deadly heat event. Starting on June 25, 2021, Multnomah County had three consecutive days where the heat reached 108, 112 and 116 degrees Fahrenheit, respectively. The heat event is called a heat dome which is a weather event caused by a high-pressure system that in this case prevented cooler maritime winds to blow and also prevented clouds from forming. Jessica Vega Pederson, the chair of Multnomah County, is seeking to protect the residents of the county she represents.

Persons: Shanton Alcaraz, Eddy Norby, Jessica Vega Pederson, Pederson, Caron PC, Thomas, Coon, Frost Organizations: Salvation Army Northwest Division, Exxon Mobil, Shell, BP, ConocoPhillips, Anadarko Petroleum, Occidental Petroleum, American Petroleum Institute, Chevron, Koch Industries, Marathon Petroleum, McKinsey & Company, Motiva, Peabody Energy, Specialties USA, Valero Energy, Western States Petroleum Association, Worthington Locations: Seattle , Washington , U.S, Multnomah County, Oregon, Chevron, Pacific, Occidental

☆ TikTok has become a 'billion-person focus group' that can make or break your business with one viral video
▼ + stars: | 2023-06-22 | by ( Jordan Hart | ) www.businessinsider.com time to read: +4 min

A review can now completely change the trajectory of a business if it goes viral on TikTok. A viral video on TikTok can make a product fly off of shelves, or leave consumers questioning the quality of a company. Corey Robinson, chief product officer for Abercrombie & Fitch, described TikTok to The Journal as "a billion-person focus group." Fame is just as easy to achieve as infamy on TikTok where videos can quickly — and unexpectedly — go viral. In late 2022, Chipotle employees were hit with waves of complicated orders and unhappy customers after Lee and TikToker Alex Frost posted viral videos trying a menu hack for quesadillas.

Persons: Corey Robinson, Abercrombie, Robinson, Pink, Chef Pii, Pii, naysayers, TikTokers, hashtag, Keith Lee, Lee, Kwame Boakye, TikToker Alex Frost, Chipotle, Brian Niccol Organizations: Street Journal, Morning, Abercrombie & Fitch, Fitch, Walmart, Dave's Gourmet, NielsenIQ, McKinsey & Company, Fire Locations: Orlando

☆ CEOs do matter when picking stocks. 5 things we look for in a leader and examples from our portfolio
▼ + stars: | 2023-06-21 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +16 min

It's not unusual for a company's stock price to soar — or sink — on news of a CEO shakeup. So, CEOs matter when picking stocks — and at the Club, these are the five things we look for when evaluating the leaders of our holdings. A stock's day-to-day and even month-to-month performance may not truly reflect how well a CEO is leading a company. Trust has value, and the stocks of companies led by reputable CEOs with competent management teams can trade at premium valuations. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: Mary Dillon, Locker, J im Cramer, buybacks, Rainer Blair, —, Kevin Johnson, Marc Benioff, Mark Zuckerberg, Zuckerberg, we've, Bruce Broussard, Humana, Jeff Smith's, Craig Jelinek, who's, that's, Jelinek, it'd, Andy Jassy, Tim Cook, he's, Cook, Jim Cramer's, Dan Schulman, Sanjiv Lamba, Linde, Lamba, Eli Lilly, Dave Ricks, Eli Lilly's, Jim, Lilly, Jim Farley, Farley, Elon Musk's Tesla, Ford, LLY, Jim Cramer, Spencer Platt Organizations: Club, McKinsey & Co, Natural Resources, GE Life Sciences, SVB Securities, Starbucks, Humana, Bain & Co, Costco, CNBC, Apple, Amazon's, Football, MGM, Management, PayPal, Linde, LIN, Ford Motor, Wall, EV, Ford, The New York Stock Exchange, Financial, Getty Locations: U.S, Manhattan, New York City

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