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☆ Starbucks' North America CEO is retiring after only 8 months on the job — and he won't be replaced
▼ + stars: | 2024-09-17 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +1 min

Michael Conway, Starbucks' North America CEO, is retiring in November, without a replacement. Sara Trilling, Starbucks' North American President will lead retail operations in the region. Go to newsletter preferences Thanks for signing up! AdvertisementMichael Conway, Starbucks' North America CEO, is calling it quits after just eight months on the job—and the coffee giant isn't going to replace him. Before stepping into the North American CEO role in April, he served as the group president of international and channel development and president of Starbucks Canada.

Persons: Michael Conway, Sara Trilling, Conway, —, Laxman Narasimhan Organizations: Starbucks, North America, Service, Securities and Exchange, North, Bloomberg, Business Locations: North American, Starbucks Canada

☆ I took a $13,000 pay cut to work as a deckhand on a superyacht. I don't regret it as it gave me a career I can grow in.
▼ + stars: | 2024-09-17 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +6 min

This as-told-to essay is based on a conversation with Nathan Marx, a deckhand for a superyacht. I knew some friends who had entered the yachting industry since leaving school, and it looked very intriguing and adventurous. AdvertisementMy previous job had long hours and was hard work, which made me comfortable stepping into the yachting industry. We also had the privilege of hiking up into the old city, an amazing experience I don't think I would've had otherwise if I wasn't into the yachting industry. But the yachting industry is a tight-knit community that's made me very happy over the past few months, so I'll stay for as long as possible.

Persons: Nathan Marx, I'm, that's, Will Smith, haven't Organizations: Service, Business Locations: South Africa, Antibes, France, Monaco, I'm, Corsica

☆ He was a theater and English major in the UK. Now, he's one of Singapore's 4 masters of wine.
▼ + stars: | 2024-09-16 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +5 min

One of the country's four masters of wine, Hemming oversees wine programs across Asia for 67 Pall Mall, a private club for wine lovers. Reflecting on his unlikely journey from aspiring actor to wine connoisseur, he shared how he transitioned from managing a wine shop to mastering the complex world of fine wine. As an English literature and theater major in the UK, Hemming initially believed the stage was his calling. But after graduating in 2001, he applied for a job at a wine shop in London. "To even register, you must have a reference from your employer saying that you are working in a wine role," Hemming said, along with a recommendation from another master of wine.

Persons: —, Richard Hemming, Shakespeare, Hemming, " Hemming, Jancis Robinson, Grant Ashton Organizations: Service, Business, Spirit Education Trust, Financial Times, North, Masters of, Pall Mall London Locations: Asia, London, Notting, Australia, Europe, Singapore, Pall, Hong Kong

☆ Berkshire's vice-chair just cut his stake in Buffett's company
▼ + stars: | 2024-09-13 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +1 min

Ajit Jain, Berkshire's vice-chair sold $139 million of the company's shares on Monday. Jain will have $112 million left in shares, owned by himself, his family trusts, and his nonprofit. Go to newsletter preferences Thanks for signing up! download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAjit Jain, the vice-chair of Berkshire Hathaway and the head of its insurance operations, cashed out big from the company, selling over half his stake in Warren Buffett's empire.

Persons: Ajit Jain, Jain, Warren Buffett, —, Berkshire Hathaway Organizations: Service, Securities and Exchange Commission, Business Locations: Warren Buffett's

☆ Railroad company Norfolk Southern fired its CEO over his relationship with the company's top lawyer
▼ + stars: | 2024-09-12 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +1 min

Norfolk Southern fired CEO Alan Shaw for a previously undisclosed relationship with an employee. Alan Shaw had been in a consensual relationship with the company corporate secretary, Nabanita Nag. AdvertisementRailroad company Norfolk Southern ousted CEO Alan Shaw after an internal probe uncovered his relationship with the company's top lawyer, the company said in a Wednesday statement. An internal investigation into Shaw uncovered his consensual relationship with the company's chief legal officer, Nabanita Nag. Norfolk Southern said that both people were fired.

Persons: Alan Shaw, Nabanita Nag, Mark George, Shaw, — Organizations: Norfolk Southern, Service, Railroad, Business Locations: Norfolk

☆ The guy who sold his Miami mansion to Jeff Bezos for $79 million is really angry he didn't charge more for it
▼ + stars: | 2024-09-11 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +3 min

Read previewLeo Kryss sold Jeff Bezos a $79 million Miami mansion. Kryss, the cofounder of Brazilian toy company Tectoy, had listed his seven-bedroom mansion on Indian Creek Island, Miami, for $85 million in May 2023, Business Insider previously reported. After Kryss sold his mansion for $79 million — $6 million below its list price — he learned that the buyer was, in fact, connected to Bezos. Kryss is suing Douglas Elliman, which received a commission of over $3 million for handling the property sale. Bezos owns three properties on the island, with the latest purchased in April for $90 million.

Persons: —, Leo Kryss, Jeff Bezos, Kryss, Bezos, Jay Parker, Douglas Elliman, Douglas Elliman's Parker, Benny Klepach, Celine, Celine Klepach, Danny Hertzberg, Tom Brady, Jared Kushner Organizations: Service, Wall, Business, Wall Street Journal, Miami, Elliman, Coldwell Banker, Zillow, BI Locations: Miami, Florida, Dade County, Indian, Biscayne

☆ An ex-Sony exec said laid-off employees should 'go to the beach for a year' or 'drive an Uber'
▼ + stars: | 2024-09-11 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +3 min

Read previewFormer Sony Computer Entertainment Europe president Chris Deering has a blunt message for recently laid-off game developers: They should "go to the beach for a year" or "drive an Uber" until the job market improves. "You're going to have to figure out how to get through it, drive an Uber, or whatever. His remarks come at a time when layoffs have hit the gaming industry hard. AdvertisementOther game developers, including Microsoft and Unity, have similarly downsized their studios this year, cutting over 3,000 jobs at the start of the year, BI reported in February. This series of layoffs in the game industry stemmed from slumping game sales and a shrinking gaming demographic, BI previously reported.

Persons: —, Chris Deering, Deering, Simon Parkin's, Uber, Parkin Organizations: Service, Sony Computer Entertainment, European PlayStation, PlayStation, Business, PlayStation Studios, Microsoft, Unity, Cudo Ventures, Sony Interactive Entertainment, BI Locations: European, Deering

☆ Why some Boeing employees aren't happy with a proposed 25% pay increase over 4 years
▼ + stars: | 2024-09-10 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +1 min

Boeing's new tentative labor contract offers a 25% increase to Seattle employees over four years. Some union members are unsatisfied with the new contract, which falls short of their ask: a 40% pay rise. Go to newsletter preferences Thanks for signing up! AdvertisementBoeing's new tentative labor contract, which includes a pay increase over four years, has been touted as another win for the beleaguered company. The company's tentative contract, proposed on Sunday, would increase its workers' general wages by 25% over the length of the four-year contract.

Persons: —, Jon Holden Organizations: Seattle, Employees, Service, Boeing, Reuters, Business Locations: IAM's, Seattle

☆ I teach wealthy kids with special needs. Money can't solve everything, but it can give them the education they need.
▼ + stars: | 2024-09-10 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +5 min

At the end of my time at Oxford in 2004, I faced two very different job offers: a private equity position and a teaching job in Washington, D.C. My experience has been incredibly diverse, but almost all my clients involve students with special educational needs. I never expected to teach students with special educational needs, nor do I have the formal training or credentials for it. Almost every job I've had involved travel, whether on a boat or moving from country to country. AdvertisementWealth is an enablerMany clients I've worked with have resources on par with countries' governments.

Persons: Nathaniel Hannan, I've, Weaving, didn't, It's Organizations: Service, International, Oxford, Business, Ivy League Locations: Washington ,, United States, Lucite, Atlanta

☆ Asia's newest billionaire founded a grocery store in 1987 and never gave up any stake — until this week's IPO
▼ + stars: | 2024-09-09 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +1 min

Lee Thiam Wah, the founder of Malaysian mini-mart chain 99 Speed Mart, is Asia's latest billionaire. The company went public on Monday, becoming the largest Malaysian IPO in seven years. Lee grew the business from eight stores to over 2,600 across Malaysia, the largest mini-mart chain in the nation. AdvertisementLee Thiam Wah started selling snacks at a roadside stall. He founded the convenience store chain 99 Speed Mart and officially became a billionaire on Monday after his company went public in Kuala Lumpur.

Persons: Lee Thiam Wah, Lee, — Organizations: Malaysian, Service, Business Locations: Malaysian, Malaysia, Kuala Lumpur

☆ I run a global tutoring business for rich families. To survive in this field, you have to ignore the wealth.
▼ + stars: | 2024-09-05 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewThis as-told-to essay is based on a conversation with Adam Caller, the CEO and founder of Tutors International. A child from a socioeconomically disadvantaged background who's struggling and a child from enormous wealth who's struggling are still both children who are struggling. The teachers who stay with us long term are the ones who don't get changed by the wealth around them. But if they talk about how they can help the children, I know they speak the right language.

Persons: —, Adam, I'd, I've, We've, they've Organizations: Service, International, Business Locations: Switzerland, France, Greece, Italy

☆ Take a look inside the LA home Elon Musk is foreclosing on, which once belonged to Hollywood royalty
▼ + stars: | 2024-09-01 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +1 min

The Bel-Air home of Gene Wilder, the late star of "Willy Wonka & the Chocolate Factory," is for sale. Tesla CEO Elon Musk bought it and later sold it to Wilder's nephew and his wife. Go to newsletter preferences Thanks for signing up! download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementIn the heart of Bel-Air, a charming residence with a star-studded past is now on the brink of foreclosure by billionaire Elon Musk.

Persons: Gene Wilder, Willy Wonka, Elon Musk, Musk's, — Organizations: Bel, Service, Business

☆ Mars is buying the maker of Pringles and Cheez-It for almost $36 billion
▼ + stars: | 2024-08-14 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +1 min

Mars is buying Kellanova for almost $36 billion, making it one of the largest deals this year. Kellanova's big business is salty snacks including Pringles and Cheez-It. Go to newsletter preferences Thanks for signing up! AdvertisementMars is buying food maker Kellanova for almost $36 billion, including debt, in one of the year's biggest deals, the companies said Wednesday. This story is available exclusively to Business Insider subscribers.

Persons: Mars, —, Eggo waffles Organizations: Service, Reuters, Business

☆ Howard Schultz is looming in the background of Starbucks' latest CEO transition
▼ + stars: | 2024-08-14 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +1 min

Former Starbucks CEO Howard Schultz looms over the company's leadership, even after stepping down. Schultz has endorsed Niccol as "the leader Starbucks needs". Go to newsletter preferences Thanks for signing up! On Tuesday, Starbucks announced that Brian Niccol, the former CEO of Chipotle, will succeed Laxman Narasimhan as CEO. The influence of Howard Schultz, Starbucks' former CEO and chairman, still looms large and could complicate Niccol's efforts to steer the company forward.

Persons: Howard Schultz, Brian Niccol, Schultz, Niccol, —, hasn't, Laxman Narasimhan Organizations: Starbucks, Service, Business Locations: Chipotle

☆ Most apartment owners in 6 big US cities are offering deals to renters — but don't expect a break in NYC or Miami
▼ + stars: | 2024-08-13 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +1 min

More landlords across the US are offering rental perks to attract renters, according to Zillow. Cities including New York and Miami saw fewer rental concessions than average, due to tighter rental markets. Go to newsletter preferences Thanks for signing up! download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementApartment landlords are offering massive concessions to draw renters across the US, but not all cities are trying equally hard to drum up new tenants.

Persons: —, Austin — Organizations: Service, Business Locations: New York, Miami, — Raleigh, Charlotte, Atlanta, Salt Lake City, Nashville

☆ It's not just real estate and spending — another pillar of China's economy looks like it's heading for trouble, too
▼ + stars: | 2024-08-07 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +1 min

China's July exports grew 7%, slower than expected, while import growth outperformed expectations. Go to newsletter preferences Thanks for signing up! download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementIn addition to battling a slowing economy, China is now feeling the sting of slowing global demand for its goods. The country's July exports grew 7% from the same period last year, falling short of an expected 9.7% increase and its slowest expansion pace in three months, Reuters reported.

Persons: Trump, Goldman, — Organizations: Service, Reuters, Business Locations: China

☆ Asia's second-richest man finally has a plan to hand over his company — but it's going to take a while
▼ + stars: | 2024-08-06 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +1 min

Gautam Adani plans to hand over the company to his sons and nephews by the early 2030s. The Adani Group is a major player in multiple sectors in India, including infrastructure and energy. Go to newsletter preferences Thanks for signing up! download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Gautam Adani, 62 years old, announced his intention to retire at 70 from the Adani Group, Bloomberg reported on Monday.

Persons: Gautam Adani, Adani, — Organizations: Service, Adani Group, Bloomberg, Adani, Business Locations: India

☆ The NFL just got a $4.7 billion win — for now
▼ + stars: | 2024-08-02 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +3 min

Read previewThe NFL landed a significant, albeit likely temporary, legal victory as a federal judge overturned a $4.7 billion verdict against the league. Gutierrez wrote that the evidence did not support the $4.7 billion in damages awarded in June. The jury initially awarded $4.7 billion in damages, which could have been tripled to $14 billion under federal antitrust laws. The judge wrote that two key witnesses' testimony should be excluded. Daniel Rascher and John Zona's testimonies were supposed to show that subscribers would have paid less if the NFL hadn't made a deal with DirecTV, the judge wrote.

Persons: —, Philip S, Gutierrez, Daniel Rascher, John Zona's, NFL hadn't Organizations: Service, NFL, Business, DirecTV

☆ Reddit's CEO says Microsoft, Anthropic, and Perplexity scraping content is 'a real pain in the ass'
▼ + stars: | 2024-08-01 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +1 min

Reddit's CEO slammed Microsoft, Anthropic, and Perplexity for using the social platform's data for free. The three companies previously landed in trouble for training their AI models on data without permission. Paying for data could cost AI companies "hundreds of billions of dollars," Andreessen Horowitz said last year. Steve Huffman, the CEO of Reddit, has called out Microsoft, Anthropic, and Perplexity for using Reddit's data to train their AI models without paying. "We've had Microsoft, Anthropic, and Perplexity act as though all of the content on the internet is free for them to use," Huffman told The Verge, saying that blocking these companies has been "a real pain in the ass."

Persons: Andreessen Horowitz, —, Reddit, Steve Huffman, We've, Huffman Organizations: Microsoft, Service, Business

☆ Two luxury companies are selling big to Japanese buyers, not just to tourists taking advantage of the cheaper yen
▼ + stars: | 2024-07-31 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +1 min

Prada Group's Japan sales rose 55% for the first half of 2024, most of it from local customers. Other luxury players are seeing more Chinese shoppers flocking to Japan. Hermès also reported strong local Japanese customer sales. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementJapan's currency might be slumping, but it hasn't stopped Japanese customers from shopping for luxury at Prada and Hermès.

Persons: Prada, Hermès, —, hasn't Organizations: Service, Prada, Prada Group, Business Locations: Japan

☆ One of Prada's red-hot brands for Gen Z luxury shoppers just posted crazy growth numbers
▼ + stars: | 2024-07-31 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +1 min

Miu Miu's revenue increased by 93% for the first half of 2024, compared to the same period in 2023. The brand is popular with Gen Z shoppers and young celebrities like Sydney Sweeney. Asia was a significant driver for Prada Group's sales in the first half of 2024. While the rest of the luxury fashion industry seems to be slowing down, Miu Miu was one brand that has not gone out of style. Miu Miu made up 23% of Prada Group's total revenue.

Persons: Miu, Sydney, Miu Miu, — Organizations: Prada, Service, Business Locations: Sydney Sweeney, Asia

☆ It's a great time to buy a Hong Kong mansion from the cash-strapped elite
▼ + stars: | 2024-07-31 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +1 min

Some distressed, wealthy homeowners in Hong Kong are selling their exorbitant homes at a discount. Hong Kong's property market has been under pressure due to high interest rates. The removal of property curbs in Hong Kong has boosted luxury home sales. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy .

Persons: — Organizations: Service, Business Locations: Hong Kong, Asia

☆ Meet the 29-year-old son of a casino billionaire who just took his influencer and esports company public
▼ + stars: | 2024-07-29 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +3 min

Last Friday, Ho took his company, NIP Group, public on the Nasdaq stock exchange. NIP Group makes money from live streams — both of esports and from third-party influencers — and event production and its esports arm. NIP Group plans to explore esports real estate, digital collectibles, and esports training camps, among other strategies, the company said in a filing. Before the duo cofounded NIP Group, Ho was the chief marketing officer of iDreamsky Games, one of the largest game publishers in China. Though billed as an esports company, NIP Group made the bulk of its revenue last year primarily from managing 36,000 online entertainers — with money coming largely from fees on their live streams.

Persons: —, Mario Ho, Stanley Ho, Ho, NIP Organizations: Service, NIP Group, Nasdaq, SEC, Business, Group, iDreamsky, MIT Sloan School, Macau Esports Federation, MSI Finance Management Company, Bloomberg Locations: Sweden, China, Oslo, Hong Kong, Asia, Macau

☆ Billionaire Ken Griffin bought a $90 million St. Tropez home and a $45 million dinosaur skeleton. Here are 6 of his most eye-popping purchases.
▼ + stars: | 2024-07-28 | by ( Lian Kit Wee | Nora Redmond | ) www.businessinsider.com time to read: +1 min

Ken Griffin recently bought a $90 million waterfront estate in St Tropez. Griffin currently has a net worth of $41.8 billion, per the Bloomberg Billionaires Index. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The Citadel boss is currently the world's 33rd richest person, with a net worth of $41.8 billion, according to the Bloomberg Billionaires Index. This story is available exclusively to Business Insider subscribers.

Persons: Ken Griffin, Griffin, — Organizations: Bloomberg, Service, Billionaire, Citadel, Business Locations: St Tropez, Miami

☆ Most luxury companies are struggling in China — except one
▼ + stars: | 2024-07-26 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +3 min

Read previewAs Chinese buyers eschewed local stores and poured into Japan this year in search of luxury bargains, one high-end powerhouse was an outlier. AdvertisementThe company's success in China comes as many of Hermès' industry peers saw China and Asia revenue sales tank from softening consumer demand. But most of Hermès' sales this year in China and Japan were largely from local customers, said Dumas. "Not very many foreigners buy Hermès in Japan, and the Chinese tend to buy in China." The luxury company reported overall sales revenue for the first half of the year of 7.5 billion euros, an increase of 12% compared to the same period in 2023.

Persons: —, Hèrmes, Hérmes, Axel Dumas, Burberry, Hermès, Dumas, Hermes Organizations: Service, Business, Hermès, Bloomberg Locations: Japan, Asia, China, Paris, Pacific, Europe, France

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