DIRS.INFO The most relevant business & tech news

☆ Cross-border payroll is complicated — and risky. From tax and labor laws to forex and banking regs, here's what you need to know.
▼ + stars: | 2023-05-22 | by ( Sponsor Post | Created Papaya With Insider Studios | ) www.businessinsider.com time to read: +17 min

The challenges and complexities of cross-border payroll paymentsCross-border payroll payments can present several challenges and complexities for employers. Banking systemsSome countries have a less developed banking system, which can make the process of cross-border payroll payments more complex. Cons:Limited acceptance: In some countries, payroll cards may have limited acceptance, making them less attractive as a cross-border payroll payment method. The role of technology in streamlining the process of cross-border payroll paymentsMost payroll companies outsource the delivery of payroll payments. Manage cross-border payroll payments effectivelyAdopting a dedicated technology for global payroll payments — like Papaya Global — can make the process of paying your global workforce faster, smoother, and more reliable.

Persons: paychecks, Banks Organizations: Mastercard, Employers, Global, McKinsey Global, Insider Studios Locations: Canada, New York, India, United States, Belgium

Under his leadership, Morgan Stanley became a wealth management powerhouse that aims to manage $10 trillion in assets. Morgan Stanley bought money manager Eaton Vance, online broker E*Trade, and stock-plan manager Solium Capital under Gorman's leadership. He was also the key architect behind Morgan Stanley's purchase of Smith Barney, a brokerage and investment adviser, in 2009. The acquisitions have made Morgan Stanley's U.S. wealth business an "asset gathering monster," and a "killer machine," he said on an earnings conference call last month. "This structure will ensure the continued stability of Morgan Stanley, while at the same time positioning it for a decade of exciting growth under new leadership."

☆ Factbox: Morgan Stanley's three potential CEO candidates
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +2 min

May 19 (Reuters) - Morgan Stanley (MS.N) will likely appoint its next CEO in the next 12 months, its current Chief Executive James Gorman said on Friday. EDWARD (TED) PICK, 54Ted Pick is co-president and head of the institutional securities group at Morgan Stanley. In May, Morgan Stanley said it is looking to resolve an investigation by U.S. regulators. Pick joined Morgan Stanley in 1990 and was promoted to managing director in 2002. He began his career at Morgan Stanley in 1990 and has worked in New York, Tokyo and Hong Kong.

No one was present when Reuters visited the Hong Kong office of Mintz during business hours, with the doors locked and lights off. China's State Council Information Office, the Ministry of Foreign Affairs and the Hong Kong and Macau Affairs Office did not respond to Reuters requests for comment. The Hong Kong government said it did not comment on individual business decisions. Rights groups accuse Beijing of abuses against mainly Muslim Uyghurs in the western region of Xinjiang, including the mass use of forced labour. Reporting by James Pomfret in Hong Kong, Engen Than in Shanghai and Hong Kong Newsroom; Editing by Lincoln FeastOur Standards: The Thomson Reuters Trust Principles.

☆ James Gorman, Morgan Stanley’s Long-Serving C.E.O., to Step Down Within a Year
▼ + stars: | 2023-05-19 | by ( Rob Copeland | ) www.nytimes.com time to read: +2 min

Mr. Gorman took over the bank in 2010, after Morgan Stanley nearly crumbled during the preceding financial crisis. Morgan Stanley has since hired some of that fallen bank’s advisers, bolstering its already enviable wealth management business, previously called Morgan Stanley Smith Barney. Mr. Gorman, 64, will likely depart at the same age as did his predecessor, John Mack, who left at 65. Neither Mr. Gorman nor Morgan Stanley gave an exact date for his departure from the chief executive role. The Morgan Stanley chief, referencing the drama around the show’s departed patriarch, said he had “no plans to go out like Logan Roy.”

☆ Here are the 2 very different execs in contention to be CEO of Morgan Stanley
▼ + stars: | 2023-05-19 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +6 min

James Gorman announced that he will step down as Morgan Stanley CEO in the next year. The three executives in contention are co-presidents Ted Pick and Andy Saperstein, as well as Dan Simkowitz, head of investment management at Morgan Stanley. Morgan Stanley declined to comment. But the long-time Morgan Stanley executives have distinct leadership styles and backgrounds. Do you work for Morgan Stanley?

[1/3] The U.S. corporate due diligence firm Mintz Group's office is seen in Hong Kong, China, May 18, 2023. No one was present when Reuters visited the Hong Kong office of Mintz during business hours, with the doors locked and lights off. China's State Council Information Office, the Ministry of Foreign Affairs and the Hong Kong and Macau Affairs Office did not respond to Reuters requests for comment. The Hong Kong government said it did not comment on individual business decisions. Reporting by James Pomfret in Hong Kong, Engen Than in Shanghai and Hong Kong Newsroom; Editing by Lincoln FeastOur Standards: The Thomson Reuters Trust Principles.

☆ Charm Industrial is getting $53 million for turning agricultural waste into oil that can be pumped underground to lock away carbon dioxide for 1 million years
▼ + stars: | 2023-05-18 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +4 min

The company says the oil hardens within days and it estimates the carbon dioxide is locked away for 1 million years. That's far more than the 6,055 tons that Charm Industrial has removed to date under pilot programs. Meeting that global climate goal will likely require billions of metric tons of carbon dioxide to be removed from the atmosphere by 2050. Startups like Climeworks are using fans to suck carbon dioxide out of the sky, while others are using enhanced weathering that speeds up the natural ability of minerals to store carbon dioxide. For its part, Charm Industrial buys agricultural waste from farmers and heats it to high temperatures in a contraption called a pyrolyzer.

☆ Charm gets $53 million to turn corn leftovers into oil and inject it into abandoned oil and gas wells
▼ + stars: | 2023-05-18 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +10 min

The 112,000 tons of carbon dioxide that Charm will remove is more than ten times the total quantity of carbon dioxide that has been removed so far with human techniques. "It's sort of a brilliant, but accidental, discovery," Reinhardt told CNBC. "It's a little it's a little odd or unusual, but uniquely American, in that we're basically pumping barbecue sauce into old oil and gas wells," Reinhardt told CNBC. There are about 2 million abandoned oil and gas wells in the U.S., and owner-operators are eager to find another use for them, Reinhardt told CNBC. We will run out of waste biomass long before we before we exhaust the subsurface capacity," Reinhardt told CNBC.

☆ BT jobs: Company will shed as many as 55,000 workers by 2030
▼ + stars: | 2023-05-18 | by ( Hanna Ziady | ) edition.cnn.com time to read: +1 min

London CNN —BT Group is planning to slash up to 55,000 jobs in the next five to seven years as it makes greater use of technology to cut costs and simplify its business. The UK telecom company said Thursday that its total workforce would fall to between 75,000 and 90,000 by 2028-2030, from 130,000 at present. “New BT Group will be a leaner business with a brighter future.”Earlier this week, Vodafone (VOD), once the world’s biggest mobile telecom group, said it would cut 11,000 jobs, or about 11% of its workforce, over three years. The company also unveiled a turnaround plan to revive its ailing fortunes under new CEO Margherita Della Valle. Its adjusted earnings rose 5% to £7.9 billion ($9.8 billion).

☆ BNY Mellon launches new ETF focused on women's opportunities
▼ + stars: | 2023-05-17 | by ( Michelle Fox | ) www.cnbc.com time to read: +6 min

Investing in women's empowerment and opportunities is something portfolio managers Julianne McHugh and Miki Behr have talked about doing for years. BNY Mellon Women's Opportunities ETF , the exchange-traded fund they manage, launched Wednesday, trading under the ticker BKWO. Investing for financial return while promoting gender diversity, known as gender lens or gender equity investing, isn't new. Assets in U.S. gender equity funds have doubled over the last three years, to $1.3 billion, as of the end of February, Morningstar found. Those funds represent less than 0.01% of total equity fund assets in the United States, according to the firm.

☆ Gen Z Fast Fashion, Live Shopping, Clothes Addiction Destroying Planet
▼ + stars: | 2023-05-17 | by ( Eve Upton-Clark | ) www.businessinsider.com time to read: +13 min

The Gen Z paradoxGen Z's economic power is growing faster than other generations, according to Bank of America. In the US, fashion is the preferred category for entertainment spending among Gen Z, outranking dining out, video games, and music. A 2021 McKinsey survey found that 42% of American Gen Zers said they didn't even know what makes clothes sustainable. In addition to pushing people to buy more clothes, the buy-now, think-later model of live shopping also encourages people to buy clothes that are worse for the planet. To solve that problem, she founded Viviene New York in 2022, a Gen Z-led marketing agency that helps sustainable brands connect with Gen Z audiences through social media.

☆ Elon Musk called downtown San Francisco — where Twitter is headquartered — a 'derelict zombie apocalypse' amid its huge homelessness and drug issues
▼ + stars: | 2023-05-16 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

Elon Musk commented on the drugs and homelessness crisis in San Francisco calling it a "disaster." The billionaire CEO said the "once beautiful and thriving" area has become a "zombie apocalypse." Twitter CEO Elon Musk tweeted his thoughts about downtown San Francisco lamenting the decline of the "once beautiful and thriving" area and called it a "disaster." San Francisco is also a major tech hub with the likes of Google, Twitter, Apple, and Meta headquartered in or near the city. She considered the conditions in San Francisco as bad as in cities like Mumbai and Delhi, which are notorious for having some of the worst poverty crises on earth.

☆ Vodafone plans 11,000 job cuts in the UK and worldwide
▼ + stars: | 2023-05-16 | by ( Hanna Ziady | ) edition.cnn.com time to read: +1 min

London CNN —Vodafone said Tuesday it would cut 11,000 jobs over three years, as the telecoms company unveiled a turnaround plan to revive its fortunes following years of poor performance. The job cuts would affect the firm’s UK headquarters and operations in other countries, Vodafone added in a statement. Within a challenging sector, Vodafone’s performance relative to peers had “worsened over time,” Della Valle said in a video posted to the company’s website. Shares in Vodafone have fallen 28% over the past year. Under its turnaround plan, Vodafone would invest more in its customer experience and also direct more resources towards Vodafone Business, serving corporate clients, which was growing in nearly all the company’s European markets.

☆ Move over McKinsey: This Gen Z founder is offering fellow grads an alternative to delayed start dates at consulting firms
▼ + stars: | 2023-05-16 | by ( Alexandra York | ) www.businessinsider.com time to read: +6 min

He's attracting fellow 2023 graduates whose start dates were delayed at major consulting firms. These delays mean recent grads won't be pulling in big salaries from the major consulting firms — at least not right away. InstagramForced to rethink their futuresMany business students follow a traditional path from the Ivy League to top investment-banking or consulting firms. One, who has an offer to start at McKinsey in February, told Ou he is considering going to law school instead. By assisting gig workers, Ou expects Talentifyr's workers will see a direct and positive impact from their work.

☆ I quit Goldman Sachs after only a year. Here's how I knew leaving for a tech startup was the right career move.
▼ + stars: | 2023-05-15 | by ( Chris Hladczuk | ) www.businessinsider.com time to read: +8 min

Chris Hladczuk leads growth at Meow, a fintech startup, after quitting Goldman Sachs. I picked a weird day to quit — it was my 24th birthday and I called my boss to tell her I was leaving Goldman Sachs. The power of Goldman SachsI love Goldman because it taught me how to win. With my future career in mind, is my pace of learning higher at Goldman in investment banking or at an early-stage startup? Chris Hladczuk currently leads growth at fintech startup Meow.

☆ Google CEO Sundar Pichai said he thinks AI will make the law profession better, not get rid of lawyers
▼ + stars: | 2023-05-12 | by ( Britney Nguyen | ) www.businessinsider.com time to read: +3 min

Google CEO Sundar Pichai told The Verge he thinks AI will make the law profession better. Pichai said more people may become lawyers because law and legal systems aren't going away. Google CEO Sundar Pichai said he thinks artificial intelligence will make the law profession better and that he's "willing to almost bet" there will be more lawyers a decade from now. However, Madgavkar said AI won't be able to fully automate legal jobs, because human judgment is still needed to meet client and employer demands. Pichai told The Verge he thinks "governments and legal systems will always have to grapple with the same set of problems," when new technology emerges.

☆ 7. Anduril Industries
▼ + stars: | 2023-05-09 | by ( Cnbc.Com Staff | ) www.cnbc.com time to read: +3 min

Anduril Industries operates in an increasingly complex security environment, where science and technology innovation are needed for the U.S. military to keep an edge. Throughout 2022, defense technology specialist Anduril Industries supplied drones, artificial intelligence software and training to help the Ukrainian Armed Forces conduct surveillance and reconnaissance missions. With a recent round of venture financing directed toward cutting-edge autonomous militaristic products, Anduril Industries stands to help fill this gap and scale it up. Building on that acquisition, last year Anduril Industries partnered with the U.S. Special Operations Command on a 10-year, $967 million contract to provide systems for shooting down drones. Anduril also bought startup Dive Technologies, a maker of underwater vehicles, to expand its suite of autonomous vehicles.

☆ The Metaverse, Zuckerber's Tech Obession, Is Officially Dead. ChatGPT Killed It.
▼ + stars: | 2023-05-08 | by ( Ed Zitron | ) www.businessinsider.com time to read: +11 min

The Metaverse, the once-buzzy technology that promised to allow users to hang out awkwardly in a disorientating video-game-like world, has died after being abandoned by the business world. After a much-heralded debut, the Metaverse became the obsession of the tech world and a quick hack to win over Wall Street investors. Once the tech industry turned to a new, more promising trend — generative AI — the fate of the Metaverse was sealed. But the short life and ignominious death of the Metaverse offers a glaring indictment of the tech industry that birthed it. Roblox, an online game platform that has existed since 2004, rode the Metaverse hype wave to an initial public offering and a $41 billion valuation.

☆ Washington says Chinese airlines can increase flights to America
▼ + stars: | 2023-05-04 | by ( Michelle Toh | ) edition.cnn.com time to read: +3 min

The US Department of Transportation confirmed to CNN that it had issued an order permitting Chinese airlines to increase their number of weekly round-trip flights to 12. That’s up from the eight weekly round-trip flights currently allowed for Chinese carriers. Currently, three US airlines American Airlines (AAL), Delta Air Lines (DAL) and United Airlines (UAL) fly routes between the two countries. Chinese operators Air China, China Southern Airlines, China Eastern Airlines and Xiamen Airlines also serve the two markets. Chinese carriers have not been subject to the restrictions, as the relationship between Moscow and Beijing remains intact, leading to calls in the United States and Britain for bans on Chinese flights that use Russian airspace.

☆ Fintech Finix is now a payments processor. The startup's CEO details how it wants to upend the industry and take on industry giants like Fiserv and FIS.
▼ + stars: | 2023-05-04 | by ( Paige Hagy | ) www.businessinsider.com time to read: +4 min

Finix is now a payments processor, Insider has learned. The financial-technology startup is now a payments processor in addition to being a payments facilitator, Insider has learned. By becoming a payments processor, Finix is reducing the number of third-parties in a given transaction as it looks to compete against legacy processors such as Fiserv and FIS. As a processor, Finix can own yet another portion of the payments' lifecycle. And while a legacy processor can take up to 24 hours to test new code, Finix takes 30 minutes.

☆ New grads are already worried about being overworked in their first jobs out of college
▼ + stars: | 2023-05-03 | by ( Jennifer Liu | In Jljenniferliu | ) www.cnbc.com time to read: +2 min

The top concern soon-to-be-grads have about entering the current job market has nothing to do with money, according to a new survey of 500 incoming college graduates from A.Team, a tech hiring platform. Instead, when asked about their top concern about the work landscape, 21% said they were most worried about finding a role that affords them work-life balance. Not far behind, 19% of new grads are concerned about not finding a job they're passionate about, while another 18% say potential layoffs are their biggest worry. Reports of academic burnout from college students got worse during the pandemic and remains a problem: As of 2022, 2 in 5 undergrads say they frequently feel stress while attending school, according to research from Gallup and the Lumina Foundation. Gen Z's calls for work-life balance could reshape workplace culture

☆ Fintech Finix just became a payments processor as the startup looks to compete with industry giants like Fiserv and FIS
▼ + stars: | 2023-05-02 | by ( Paige Hagy | ) www.businessinsider.com time to read: +4 min

☆ JPMorgan is buying First Republic Bank after it was taken over by regulators
▼ + stars: | 2023-05-01 | by ( Kaja Whitehouse | Huileng Tan | ) www.businessinsider.com time to read: +5 min

First Republic Bank was put into receivership by regulators early Monday. First Republic Bank will be taken over by JPMorgan after being seized by regulators, marking the third regional bank to be taken over by federal regulators following a consumer panic that took down Silicon Valley Bank in March. The FDIC said early Monday that JPMorgan submitted a bid for all of First Republic's deposits of $103.9 billion. As part of the transaction, First Republic Bank's 84 offices in eight states will reopen as branches of JPMorgan on Monday. JPMorgan is assuming all of First Republic Bank's deposits — including uninsured ones — as well as most of its assets, said FDIC and JPMorgan in their statements.

☆ The big cybersecurity risks when ChatGPT and AI are secretly used by employees
▼ + stars: | 2023-04-30 | by ( Mikaela Cohen | ) www.cnbc.com time to read: +3 min

Soaring investment from big tech companies in artificial intelligence and chatbots — amid massive layoffs and a growth decline — has left many chief information security officers in a whirlwind. But not every company has its own GPT, so companies need to monitor how workers use this technology. PCs were similar, so we're seeing the equivalent now with generative AI." "If you're a corporation, you don't want your employees prompting a publicly available chatbot with confidential information," Chui said. Protection of confidential information, regulation of where the information gets stored, and guidelines for how employees can use the software — all are standard procedure when companies license software, AI or not.

Search resuls for: "Mckinsey

25 mentions found