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Salesforce CEO Marc Benioff said Monday the company would name a new Slack CEO. Slack's current CEO, Lidiane Jones, is leaving the company at the end of the year. Salesforce is set to name a new chief executive at Slack next Monday, CEO Marc Benioff wrote to the entire company in a post on the workplace-communications app viewed by Insider. "Lidiane, this a hugely-deserved achievement for you one of our most incredible executives," Benioff wrote. "While we will all of course miss you greatly (especially me), I recognize what an amazing opportunity this is for you becoming a public company CEO."
Persons: Marc Benioff, Lidiane Jones, Jones, Slack, Benioff Organizations: Slack
New York CNN —Bumble founder Whitney Wolfe Herd is stepping down as chief executive after nearly a decade running the dating app company. Wolfe Herd will remain at Bumble as executive chair. Wolfe Herd started her career at rival dating service Tinder, which she co-founded. Today, Bumble is the parent company of four apps — Bumble, Official, Badoo and Fruitz — and the Bumble app has expanded to include features to help people find friends and professional connections. When Bumble made its initial public offering in 2021, Wolfe Herd, then 31, became one of the world’s youngest self-made female billionaires.
Persons: Bumble, Whitney Wolfe, Wolfe, Lidiane Jones, Slack, ” Wolfe Herd, Jones, Wolfe Herd, Andrey Andreev, Andreev, , Salesforce, Sonos, ” Jones Organizations: New, New York CNN, Wall Street, Group, Microsoft, Bumble Locations: New York
SAN JOSE, Calif. (AP) — A California police officer involved in a controversial shooting last year has resigned after the discovery of racist text messages he wrote, including some making light of the shooting, a police chief says. Mark McNamara, who joined the San Jose Police Department in 2017, quit last week after being notified of an investigation into his offensive messages, Police Chief Anthony Mata told the Bay Area News Group. McNamara shot and wounded Green, who is Black, after Green appeared to have quelled a fight that broke out inside an eatery near San Jose State University. Political Cartoons View All 1234 ImagesIn a text message dated the day after the shooting, McNamara appears to refer to Green with a racial slur. Other messages from June 2023 appear to have been sent while McNamara was being interviewed by the City Attorney’s Office and Green’s legal team, which sued the city over the shooting.
Persons: Mark McNamara, Anthony Mata, Mata, McNamara, , K’aun, Green, San Jose State University . Green, Adanté Pointer, Steve Slack Organizations: JOSE, Calif, San Jose Police Department, Police, Bay Area, San Jose State University ., City Attorney’s, San Jose Police, Locations: California, San
Bill Ackman sent a letter to Harvard President Claudine Gay on Saturday. He called for suspensions and disciplinary action to curb anti-Israel and antisemitic activity. Ackman previously called on Harvard to name the students behind a letter critical of Israel. Please see my below letter to the President of Harvard University sent today:November 4, 2023Dear President Gay,I am writing this letter to you regretfully. AdvertisementAdvertisement"I want to make one thing absolutely clear: Antisemitism has no place at Harvard," Gay said in her latest comments, made at Harvard Hillel, a community for Jewish life at Harvard, on October 27.
Persons: Bill Ackman, Claudine Gay, , Ackman, Gay, , Slack Organizations: Service, Harvard, Harvard University, Harvard Business School, Equity, Diversity, Rights, Harvard Hillel, Harvard Crimson Locations: Israel, Harvard, Palestine, Gaza
The monthly data does comes with a footnote: The headline job gains of 150,000 were depressed by a United Auto Workers strike. But even accounting for that the number was close to the 183,000 monthly pace of job growth sustained for the 10 years before the pandemic, from 2010 to 2019, and to that extent looked "normal" after years of outsized job gains. The pace of annual wage growth eased down to 4.1% in October in a continuing decline, while the month-to- month increase of 0.2% annualizes to around 2.4%, within the Fed's comfort zone. If labor force growth is coupled with an easing of open jobs, it could show a job market moving closer to balance. But if consumption remains strong and drives still-high numbers of openings, then a stall in labor force growth could reignite wage pressures.
Persons: Jerome Powell, Howard Schneider, Andrea Ricci Organizations: Federal Reserve, United Auto Workers, Reuters Graphics Reuters, Reuters, Thomson Locations: U.S
Indian economy regains its swagger as China stumbles
  + stars: | 2023-11-03 | by ( Diksha Madhok | ) edition.cnn.com   time to read: +9 min
New Delhi CNN —India’s economy is like an elephant. India’s economy is currently worth nearly $3.5 trillion, making it the world’s fifth largest. “India’s economy is comfortably placed to grow at an annual rate of at least 6% in the coming few years,” Barclays said. But even as India’s heft is increasing, it is far from recreating the economic miracle China unleashed decades ago. It will, no doubt — though it won’t be enough to shield the world economy should China’s economy stumble badly,” they added.
Persons: Narendra Modi, , Eswar Prasad, Modi, Prasad, Ludovic Marin, Mukesh Ambani’s, Gautam Adani’s, Willy Shih, Frederic Neumann, Justin Feng Organizations: New, New Delhi CNN, Economic, Cornell University, International Monetary Fund, China, Barclays, IMF, ” Barclays, Hindustan Times, Modi, bonanza, Unified, Bharat, Getty, Bank, Mukesh Ambani’s Reliance Industries, Apple, Harvard Business School, HSBC Locations: New Delhi, India, Switzerland, Davos, , , China, ” New Delhi, Sewri, Mumbai Bhushan, AFP, Beijing, Washington
The biggest debate in tech
  + stars: | 2023-11-02 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +8 min
NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. In today's big story, we're looking at the tech industry's debate over whether AI poses a real threat to humanity. The big storyBig Tech's big lieAP Photo/Julia Nikhinson; Arantza Pena Popo/InsiderWant to get someone in tech riled up? The private event, which had an exclusive guest list, has been criticized for favoring Big Tech executives over actual AI experts. "When big tech companies, big startups, and powerful VCs start calling for regulation of their hottest new technology, something is very wrong," Alistair Barr, Insider's global tech editor, told me.
Persons: , Heidi Klum's, Klum, Julia Nikhinson, Arantza Pena Popo, Andrew Ng, Ng, Big, BlackRock's Larry Fink, Spencer Platt, Elon Musk, Alistair Barr, It's, Alistair, Insider's Beatrice Nolan, Sam Bankman, Aaron Schwartz, Stanley Druckenmiller, Druckenmiller, Tyler Le, SBF, Wendy Lee, Alba Santaliestra, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Fed, Tech, Google, Australian Financial, Big Tech, Getty Images Tech, Wired, Xinhua, Getty, Market, Apple, YouTubers, YouTube, Mexico City Locations: Israel, Muertos, Mexico, New York City, San Diego, London, New York
Apple just indefinitely suspended internal Slack channels for Jewish and Muslim employees after deleting messages about the Israel-Hamas war, according to internal messages viewed by Insider. We saw and heard your feedback," a leader of Apple's Muslim employee resource group wrote. "We've collectively decided that the only sustainable path forward is to briefly pause the Apple Muslim Slack channel. The Apple Jewish Slack channel will do the same." Microsoft recently shut down a discussion between employees, according to internal messages viewed by Insider.
Persons: We've, Apple, Tim Cook, he's, Cook Organizations: Apple, Microsoft Locations: Israel, Gaza
Wages boost US labor costs in third quarter
  + stars: | 2023-10-31 | by ( Lucia Mutikani | ) www.reuters.com   time to read: +3 min
The Employment Cost Index (ECI), the broadest measure of labor costs, rose 1.1% last quarter after increasing 1.0% in the April-June period, the Labor Department's Bureau of Labor Statistics reported. Labor costs increased 4.3% on a year-on-year basis after advancing by 4.5% in the second quarter. Wages increased 1.2% in the third quarter after climbing 1.0% in the prior three months. They were up 4.6% on a year-on-year basis after advancing by the same margin in the second quarter. Inflation-adjusted wages for all workers rose 0.9% on a year-on-year basis after jumping 1.7% in the second quarter.
Persons: Megan Varner, Rubeela Farooqi, Lucia Mutikani, Paul Simao Organizations: REUTERS, Rights, Federal Reserve, Labor Department, Treasury, Fed, Labor Department's Bureau of Labor Statistics, Reuters, Labor, State, Thomson Locations: Dalton , Georgia, U.S
McDonald’s menu stocks up on global variations
  + stars: | 2023-10-30 | by ( ) www.reuters.com   time to read: +2 min
TORONTO, Oct 30 (Reuters Breakingviews) - McDonald’s (MCD.N) status as the world’s go-to meal means it’s competing with an uneven global economy as much as any rivals. The ubiquitous $190 billion fast-food purveyor on Monday touted a 9% year-over-year increase in worldwide same-store sales for the third quarter. In places like the U.S., that was helped by menu price increases. But the Big Mac seller also talked up the release of smaller, more affordable meals in markets facing worse economic fortunes, like China and Germany. In the latter, its McSmart menu of smaller meals helped drive the 10th quarter of double-digit sales growth.
Persons: Christopher Kempczinski, outpacing, Kempczinski, Sharon Lam, Jonathan Guilford, Aditya Sriwatsav Organizations: TORONTO, Reuters, Bureau of Labor Statistics, X, Vodafone, Thomson Locations: U.S, China, Germany, Europe, Spain
Google agreed to invest up to $2 billion in Anthropic, the artificial intelligence startup founded by ex-OpenAI executives, CNBC has confirmed. The commitment involves a $500 million upfront cash infusion and an additional $1.5 billion to be invested over time, an Anthropic spokesperson told CNBC. That same month, Anthropic was one of four companies invited to a meeting at the White House to discuss responsible AI development with Vice President Kamala Harris. Anthropic was founded by Dario Amodei, OpenAI's former vice president of research, and his sister, Daniela Amodei, who was OpenAI's vice president of safety and policy. "The landscape is just very wide, and there's really quite a lot of room for many different users and types of users to make use of these systems."
Persons: didn't, Anthropic, Claude, that's, Slack, Claude 2, Arthur AI, Kamala Harris, Dario Amodei, Daniela Amodei, Amodei Organizations: Google, CNBC, Street Journal, White, Microsoft Locations: Anthropic, Salesforce, Meta, OpenAI
The Employee Retention Credit was intended to be a financial lifeline to small businesses struggling to make ends meet during the pandemic. Innovation Refunds — a consulting firm that focuses on the ERC — was one of the most visible advertisers during the tax credit's heyday. How Innovation Refunds worksOn its website, Innovation Refunds makes it clear it is not a tax professional. Innovation Refunds markets to clients, determines if they are viable candidates for the credit and then collects businesses' documentation. Some former employees said this could insulate Innovation Refunds from potential liability if ineligible businesses claimed the credit.
Persons: Danny Werfel, Andrew Kelly, Howard Makler, Ty Burrell, Burrell, Rob Domenico, Werfel, Tom Williams, Makler, Kate Rogers, Domenico, Slack, Jenn McCabe, Armanino Organizations: Companies, ERC, Internal Revenue Service, IRS, ERC —, CNBC, Reuters, CPA, Senate, Washington , D.C, CQ, Inc, Getty, LinkedIn, Justice Locations: New York, Washington ,, Des Moines
New York CNN —Private-equity billionaire Stephen Schwarzman doesn’t think office workers worked hard enough during Covid-19. “It was actually more profitable for them to stay home because one, they didn’t work as hard, regardless of what they told you. For example, about 58% of Manhattan office workers were at their workplace on an average weekday in late August and September, according to a survey from the Partnership for New York City. Just 12% of Manhattan office workers are in the office full time, according to that survey. Schwarzman, the Blackstone CEO, estimated that 20% of US office buildings are vacant and another 20% are leased but empty.
Persons: Stephen Schwarzman doesn’t, they, Slack, Blackstone, ” Schwarzman, Jamie Dimon, ” DImon, ” Dimon, Organizations: New, New York CNN —, Blackstone, “ Davos, Commonwealth Fund, Future Investment, JPMorgan, Partnership Locations: New York, Saudi Arabia, Manhattan, New York City
Corporate psychopaths are drawn to powerful institutions and good at climbing a corporate ladder. Corporate psychopaths are drawn to positions of power, and may be in your field. He gave a presentation about his most recent research, which posthumously diagnosed Bernie Madoff as a corporate psychopath, this week at the Chelmsford Science Festival. Basically, if you see someone act "totally ruthless in determination to accrue money and power and control," they might be a corporate psychopath, Boddy said. Am Psycho ProductionsBoddy said that issuing more stringent hiring practices could be enough to weed out corporate psychopath candidates in the future.
Persons: , Clive Boddy, Bernie Madoff, Boddy, they've, who's, we've, Bernie Madoff's, Jeffrey Skilling's, Psychopathy, psychos, Psycho Productions Boddy Organizations: Service, Corporate, School of Management, Anglia Ruskin University, Chelmsford Science, Enron, Australian Psychological Society, Psycho Productions Locations: Chelmsford
Dubbed “Davos in the Desert,” the annual Future Investment Initiative (FII) will welcome about 6,000 participants from more than 90 countries over the next three days. Since the Hamas assault on October 7, Israel has widened its offensive against the Palestinian militant group and other regional enemies. Saudi Arabia’s crown prince Mohammad bin Salman, denied any personal involvement in Khashoggi’s murder but later confirmed it was carried out by Saudi officials. Bin Salman chairs the Public Investment Fund. “Very few people” had canceled plans to attend the conference, according to Richard Attias, the CEO of the FII Institute, the event’s organizer.
Persons: Jamie Dimon, Citigroup’s Jane Fraser, Defense Lloyd Austin, Larry Fink, Goldman Sachs, David Solomon, Noel Quinn, Ray Dalio, Stephen Schwarzman, Harvey Schwartz, Blackstone, Carlyle, “ We’re, it’s, , Fraser, Fink, , Karen E, WeWork, Slack, Jamal Khashoggi, Saudi Arabia’s, Mohammad bin Salman, Bin Salman, bin Salman, Masayoshi, Richard Attias, Young, — Winston Lo, Michelle Toh Organizations: London CNN, , Future Investment Initiative, Defense, Palestinian, Israel Defense Forces, West Bank, HSBC, Citigroup, Saudi, Public Investment Fund, Columbia University’s Center, Global Energy, CNN, Reliance Retail, Softbank’s Vision, Future Investment, FII Institute, Young of Columbia University Locations: Saudi Arabia, Israel, “ Davos, Gaza, Lebanon, Riyadh, Ukraine, Europe, United States, Washington, Russia, Saudi, Istanbul, Kingdom, Hong Kong
The BoE is monitoring the labour market closely as it considers whether it needs to resume raising interest rates, having kept them on hold in September after 14 hikes in a row. Under the previous methodology, the unemployment rate had been reported as 4.3% for the three months to July rather than 4.2%. Still, the new data showed more slack in the labour market than the BoE had predicted in August, when it forecast an unemployment rate of 4.1% for the third quarter as a whole. "It is probably only a matter of time before the recent loosening of the labour market feeds through into significantly slower wage growth," Pugh said. The latest ONS estimate showed employment fell by 133,000 in the three months to July, compared with 207,000 in its previous estimate.
Persons: BoE, Thomas Pugh, Pugh, Tony Wilson, Andy Bruce, William Schomberg, Paul Sandle, Bernadette Baum Organizations: Office, National Statistics, Bank of England, Labour Force Survey, RSM, ONS, Financial, Institute for Employment Studies, Thomson
Former Deliverr and Shopify employees told Insider last week's layoffs at Flexport capped the end of a multiyear rollercoaster marked by multiple complicated acquisitions and integrations, compensation issues, and culture clashes. The integration of the Shopify Logistics team into Flexport had been rocky, five employees said. When Shopify completed its acquisition of Deliverr in July 2022, employees' equity converted to Shopify stock on a one-to-one basis. This person added that the conversion from public stock to RSUs meant that the value of their Flexport equity was less than they expected. The structure allows Shopify employees to decide the percentage of their compensation they want to be made up of cash and how much of stock.
Persons: Flexport, Shopify, vesting, Severance, Ryan Petersen, Constant, Dave Clark, Petersen, Clark, Madeline Stone Organizations: Flexport, Shopify Logistics, Deliverr, Employees, US, Shopify Locations: Flexport's, Shopify, Deliverr, Flexport, reorgs, Amazon, mstone@insider.com
Insider Today: You should buy a house now
  + stars: | 2023-10-23 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +6 min
AdvertisementAdvertisementIn today's big story, we're looking at why it's a good time to buy a house. RichLegg/Getty ImagesIt's a pretty terrible time to buy a house these days, which is why it's a good time to buy a house. AdvertisementAdvertisementInsider's Jennifer Sor detailed why it's a good time to buy a house. Part of the issue is that mortgage rates won't magically drop overnight. The Insider Today team: Dan DeFrancesco, senior editor and anchor, in New York City.
Persons: OpenAI's Sam Altman, Jennifer Sor, Jacob Zinkula, they're, that's, Gen Zers, who's, it's, Doug Haynes, Haynes, Steve Cohen's Point72, Leon Cooperman isn't, Arantza Pena Popo, carmakers, EVs, Tyler Le, Satya Nadella, Mathias Döpfner, Axel Springer, Jensen Huang, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: FBI, RichLegg, Norias Research, Investments, Ameriprise, Insurance, Microsoft, Activision Blizzard, Nvidia, ZTE Corp, Philips, NBA Locations: West Palm Beach, Fla, Tokyo, Oklahoma City, New York City, San Diego, London, New York
When Mark Cuban launched his first tech startup, he couldn't have known he'd end up a billionaire today. He was confident, though, that his sales pitch for the company — a software startup called MicroSolutions — would work. In the proposal, Cuban wrote that his tool would be a great resource for attorneys looking to streamline their workflow — by having information "immediately published electronically to the organization," as opposed to using notebooks. Basically, it was our version of Slack long before Slack," Cuban wrote in a follow-up post. A year after sending his pitch to the law firm, Cuban sold MicroSolutions to now-defunct internet services company CompuServe for $6 million.
Persons: Mark Cuban, Cuban, Gilchrist, Slack Organizations: Twitter, GQ, Cuban, CompuServe, Yahoo, Forbes, CNBC, Global Locations: Dallas, Cuban
Amazon deleted a Slack channel about the company's performance-improvement plans. AdvertisementAdvertisementAmazon deleted a Slack channel that some employees had used for swapping information about the company's performance-improvement plans, the company confirmed. Those workers Amazon managers think are failing to measure up can get placed in what's called Focus, Insider previously reported. Aldebot-Green said Amazon workers don't need permission to set up Slack channels. Insider previously reported the old channel appeared to have been created by an employee in July 2021.
Persons: , what's, It's, Slack, Green Organizations: Service, Amazon, Employees
Slack retired its @SlackStatus account on X, implying customers weren't using it much anymore. The X account, which has more than 30,000 followers, used to share updates about Slack system issues. Though Slack still has an account on X, @SlackHQ, with more than 458,000 followers, the @SlackStatus account with more than 30,000 followers has been retired. The status account used to share updates regarding problems and outages with the Slack platform. The company said it will answer incident-related questions from its main account on X moving forward.
Persons: Slack, , Elon Musk's, Kevin Albers, Balenciaga, Elon Musk Organizations: Companies, Air France, Service, Elon, Twitter, KLM, Air Locations: Air France
Calibrate is selling itself to one of its investors, private equity firm Madryn Asset Management. The weight-loss startup is also planning to restructure, per two people with knowledge. The sale comes as Calibrate faces customer complaints and struggles to get some patients medications. Weight-loss startup Calibrate is selling itself to the private equity firm Madryn Asset Management, Insider has learned. The sale was announced in a Slack message to the startup's staff on Friday, according to two employees with direct knowledge.
Persons: couldn't Organizations: Asset Management
A version of this story first appeared in CNN Business’ Before the Bell newsletter. HSBC is blocking staff from texting on their work phones, a person familiar with the matter confirmed to CNN. What’s happening: Banks must follow strict compliance rules for how they use and store their employees’ texts and other business communications. “Banks use a wide range of approved channels to communicate in compliance with regulatory obligations,” a company spokesperson told CNN. Tesla reported adjusted earnings of $2.3 billion in the quarter, or 66 cents a share, down 37% from a year earlier and the smallest profits it reported in two years.
Persons: Banks, , ” Sanjay Wadhwa, Tesla, Chris Isidore, Refinitiv, Dan Ives, “ Price, Elon Musk, , , Craig Jelinek, Ron Vachris, Jelinek Organizations: CNN Business, Bell, New York CNN, HSBC, CNN, Bloomberg, Securities and Exchange Commission, SEC, Commodity Futures Trading Commission, “ HSBC, Carlyle Group, Blackstone, Bank of America, Citigroup, Wedbush Securities, Costco, Sam’s Club, Walmart Locations: New York, London, Wells Fargo, WhatsApp, United States
It can create a feeling of numb office dystopia, as focusing on spreadsheets can make real-world problems feel imagined. A Harvard Medical School analysis says the fight, flight, or freeze instinct can kick in during tough news cycles. AdvertisementAdvertisementHe's describing a sense of numbness some workers feel as more and more return to the office this fall. The fight, flight, or freeze instinct can kick in during tough news cycles or rough personal events, according to a Harvard Medical School analysis . The freeze instinct might appear as indifference on the surface, but it can manifest as generalized anxiety, or even nightmares.
Persons: , Charli D'Amelio, Elon, Walt Disney, Joe Fenti, Fenti, Lily Brown, Brown, Ben Sweeny's, Sweeny Organizations: Harvard Medical, Service, Center, Perelman School of Medicine, University of Pennsylvania Locations: Boston
For the first time in a long time, tech workers are in a funk. This rare combination of generous compensation and a reasonable work-life balance kept tech workers happier than employees in other industries. Economy wide, there were on average 6.6 front-line workers per manager in 2018 and 2019, but post-pandemic, the ratio dropped to 6 to 1. It's possible that as tech companies have grown into more complex organizations, more management layers are necessary. Fundamentally, it's about listening to and elevating the voices of front-line employees.
Persons: , Kristi Coulter, Aaron Terrazas Organizations: Linkedin, Tech, Wall Street, Federal Reserve, Microsoft, Amazon, California Bay, Austin , Texas —, Ford Motor Company, Intel Locations: Wall, California, California Bay Area, Austin , Texas, neckties
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