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☆ CEOs are balancing economic uncertainty with the need to innovate and invest in the future
▼ + stars: | 2023-04-24 | by ( Josée Rose | ) www.businessinsider.com time to read: +6 min

About 75% of C-suite execs are worried about macro uncertainty, BCG's CEO Outlook survey found. Walter told Insider that all companies need to trim costs smartly so they can reinvest in growth, particularly in digital and in mergers. "One being, there's macro uncertainty, and we need to adjust our cost base in order to take a defensive posture against that macro uncertainty. "Two is: We need to continue to innovate and grow because if we don't, we're not going to succeed as a company. Most C-suite leaders understand that amid difficult decisions like layoffs or reorganizations, companies still need to invest in their employees.

[1/7] U.S. President Joe Biden delivers remarks on childcare and eldercare costs during an event in the Rose Garden at the White House in Washington, U.S., April 18, 2023. Biden signed the order, which includes over 50 specific actions, in the White House Rose Garden, flanked by family caregivers, people with disabilities, older adults and early childhood and long-term care workers. "The executive order doesn't require any new spending. The executive order was also welcomed by AARP, a major lobbying group for older Americans, and the AFL-CIO, the largest U.S. labor organization. Heather Boushey of the White House Council of Economic Advisers (CEA) told reporters that childcare and eldercare shortages and soaring costs limited the ability of many women to work, constraining labor supply and dampening economic growth.

[1/4] A view of a computer-rendered image of Climeworks' Mammoth direct air capture plant is seen in this undated handout picture obtained by Reuters, June 28, 2022. Leading the charge, the U.S. government has offered $3.5 billion in grants to build the factories that will capture and permanently store the gas - the largest such effort globally to help halt climate change through Direct Air Capture (DAC) and expanded a tax credit to $180/tonne to bolster the burgeoning technology. The sums involved dwarf funding available in other regions, such as Britain which has pledged up to 100 million pounds ($124 million) for DAC research and development. That compares with $12 billion in federal spending to drive demand for personal and commercial electric vehicles, Boston Consulting Group estimated. Occidental Petroleum has said it is well positioned for federal grants for what could be the biggest Direct Air Capture plants in the world.

☆ Biden signs executive order expanding access to dependent care aid as he gears up for 2024 bid
▼ + stars: | 2023-04-18 | by ( Emma Kinery | ) www.cnbc.com time to read: +4 min

In more than 50 executive actions, Biden is asking nearly every federal agency to expand care options without new spending. "And folks, care workers deserve to make a decent living and that's a fight I'm willing to have." The White House faces steep opposition to many of the social-spending proposals in the Republican-controlled House. Even before the pandemic in 2019, 76% of parents reported struggling to access affordable, dependable care, the White House said. The White House has long maintained that Biden's social-policy agenda is highly popular with the American public despite conservative gripes over costs.

☆ Rivals can feast on Credit Suisse client spoils
▼ + stars: | 2023-04-17 | by ( Lisa Jucca | ) www.reuters.com time to read: +4 min

Credit Suisse saw 110 billion Swiss francs flying out the door in the final quarter of 2022. These outflows were chiefly cash from wealthy clients and some deposits at Credit Suisse's Swiss bank unit. Those holding accounts at both Credit Suisse and UBS may dislike too much wealth concentration. And Credit Suisse is hardly incentivised to transfer securities swiftly. The minister said this was needed because Credit Suisse customers had again withdrawn money.

☆ Demand for luxury watches shows no sign of fading, says Audemars Piguet CEO
▼ + stars: | 2023-04-13 | by ( Robert Frank | ) www.cnbc.com time to read: +7 min

watch nowThe luxury watch market is well-positioned to avoid a crash as tight supply and a new generation of young collectors drive demand, according to the CEO of Audemars Piguet. With demand for watches outpacing supply of new inventory, prices for pre-owned watches have skyrocketed, along with online sites like Chrono24, Watchfinder and Watchbox that buy and sell pre-owned watches. A pre-owned Audemars Piguet Royal Oak "Jumbo" that retails new for $35,000 is currently listed on Chrono24 for $115,000. Audemars Piguet produced only 50,000 watches last year and is expected to produce about 51,000 this year, Bennahmias said. Source: Audemars PiguetAudemars is now celebrating the 30th anniversary of its popular Royal Oak Offshore model, a larger version of its signature Royal Oak.

☆ This startup helps early-stage forestry projects get funded. Check out the 14-slide pitch deck carbon credit marketplace Xilva used to raise $2 million.
▼ + stars: | 2023-04-12 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +4 min

Zurich-based Xilva helps early-stage forestry projects access the capital they need to scale up. The startup has developed its own propriety vetting process to help build trust in the carbon market. A startup helping forestry projects access capital has just raised 1.8 million euros in fresh funds. The voluntary carbon market, where carbon credits are bought and sold, has been plagued by quality issues. Check out the 14-slide pitch deck Xilva used to raise the funds below:

☆ When you're talking to a chatbot, who's listening?
▼ + stars: | 2023-04-06 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +6 min

And just last week, regulators in Italy issued a temporary ban on ChatGPT in the country, citing privacy concerns after OpenAI disclosed the breach. Google and Microsoft have since rolled out AI tools as well, which work the same way and are powered by large language models that are trained on vast troves of online data. When users input information into these tools, McCreary said, “You don’t know how it’s then going to be used.” That raises particularly high concerns for companies. The privacy policy states it may provide personal information to third parties without further notice to the user, unless required by law. “We also have guardrails in place designed to prevent Bard from including personally identifiable information in its responses,” Google said.

LONDON, April 5 (Reuters) - As "fragmentation" of politics and economics becomes the new buzzword for a world that appears to be splintering into blocs, the related costs of the new order are only now being totted up. Corporate rethinking of foreign direct investment (FDI) - bricks-and-mortar developments overseas as well as mergers and acquisitions - would make the hit even scarier. And if FDI fragmentation is defined by a permanent rise in cross-bloc barriers to imported investment inputs, the IMF said developments could cut world output by 2% in the long term. "Fragmentation of the global economy will likely put inflation at a higher structural level, and the cost of capital will likely go up, squeezing low-quality and leveraged companies." Reuters GraphicsBIS chart on global trade as share of GDPBCG projections on world trade to 2031The opinions expressed here are those of the author, a columnist for Reuters.

☆ Barely one-quarter of financial planners are women, but industry experts say 2 simple strategies could move the needle
▼ + stars: | 2023-03-22 | by ( Korie Wilkins | ) www.businessinsider.com time to read: +5 min

Only 23% of financial planners in the US are women. But as women grow their wealth — women control about 32% of the world's wealth, according to Boston Consulting Group — financial firms are evaluating how best to serve them. "People often saw me as someone's assistant," Sandra Cho, the president and founder of Pointwealth Capital Management, told Insider. Anne Marie Stonich, the chief wealth strategist at Coldstream Wealth Management, told Insider its Women and Wealth program focuses on networking and mentoring. Kate Healy, the managing director of the CFP Board's Center for Financial Planning, told Insider that financial firms are getting savvier about creating career paths for women.

☆ The Evolving Payments Purchasing Chain: How Pressures Are Changing the Ecosystem
▼ + stars: | 2023-03-21 | by ( Insider Intelligence | ) www.businessinsider.com time to read: +3 min

Insider IntelligenceThe changing economic landscape is leading to consolidation and a stronger focus on innovation. The rise of digitization and noncard payment methods could pose a large threat to issuers' transaction-based revenues. What is abundantly clear is that the diversification of the payments landscape paired with the threat of new regulation is creating more opportunities for the savvy consumer. Curious to learn more about the evolving payments purchasing chain? Click here to purchase The Payments Ecosystem collection.

☆ The Evolving Payments Purchasing Chain: How Digitization and Economic Pressures Are Changing the Ecosystem
▼ + stars: | 2023-03-16 | by ( Insider Intelligence | ) www.businessinsider.com time to read: +3 min

Insider IntelligenceThe changing economic landscape is leading to consolidation and a stronger focus on innovation. Both large and small players in the space can adapt their products to address current market needs and press on toward digitization. The rise of digitization and noncard payment methods could pose a large threat to issuers' transaction-based revenues. Curious to learn more about the evolving payments purchasing chain? Click here to purchase The Payments Ecosystem collection.

☆ These are the best and worst US airlines for on-time performance in 2022, according to DOT data — see the list
▼ + stars: | 2023-03-16 | by ( Taylor Rains | ) www.businessinsider.com time to read: +4 min

The Department of Transportation's list of airlines' on-time performance was published Thursday. Every airline had a worse on-time performance rate in 2022 compared to 2021. But, the Dallas-based carrier was still the worst-performing company among the Big Four, which also includes American Airlines, United Airlines, and Delta. Take a closer look at the best and worst airlines for on-time performance for 2022:10. Delta Air LinesDelta Air Lines Boeing 737-900ER aircraft Alex Tai/SOPA Images/LightRocket via Getty ImagesRate: 82.14%Rate in 2021: 88.22%

☆ Which airlines had the best on-time performance in 2022? Delta led the pack — see the rest of the list.
▼ + stars: | 2023-03-16 | by ( Taylor Rains | ) www.businessinsider.com time to read: +4 min

☆ Used Rolexes Are Beating the Stock Market
▼ + stars: | 2023-03-12 | by ( Alyssa Lukpat | ) www.wsj.com time to read: 1 min

One of the hottest collector’s items these days is a preowned luxury watch. Expensive secondhand watches from brands such as Rolex and Patek Philippe have become increasingly popular in recent years, particularly with younger buyers, according to a report published this month by Boston Consulting Group. Preowned luxury watches became more valuable as demand grew but supply remained tight, BCG said.

☆ Meet the brothers building massive spacecraft to leverage SpaceX’s Starship
▼ + stars: | 2023-03-10 | by ( Michael Sheetz | ) www.cnbc.com time to read: +4 min

What we're finding is that, with the new launch capabilities of vehicles like Starship, there's actually an interesting opportunity to go the opposite direction," Karan Kunjur told CNBC. Los Angeles-based startup K2 Space, co-founded by CEO Karan Kunjur and CTO Neel Kunjur, is setting out to build satellite buses — the physical structure of a spacecraft that provides power, movement and more. A pair of brothers is aiming to challenge the way spacecraft are built, by going against the industry trend and designing massive satellites in a bet that towering rockets such as SpaceX's Starship are the way forward. K2 Space, a play on the brothers' surname and a nod to astronomer Nikolai Kardashev's scales of civilization, marks Karan and Neel's first venture together and fuses their previously divergent careers. For K2, the company is targeting prices that would be unheard of for satellite buses of these sizes.

☆ Biden's budget plan would boost childcare funding by billions of dollars
▼ + stars: | 2023-03-09 | by ( Andrea Shalal | ) www.reuters.com time to read: +4 min

REUTERS/Jonathan ErnstWASHINGTON, March 8 (Reuters) - U.S. President Joe Biden's fiscal 2024 budget plan would boost federal funding for childcare and early childhood education by billions of dollars, ensuring free preschool for all of the country's 4 million 4-year-olds, the White House said. The White House argues that lack of access to affordable childcare is a key factor depressing women's participation in the workforce. One recent poll showed that 55% of households experience difficulty finding childcare, with 21% citing challenges related specifically to cost, the White House said. It drops Biden's previous request to fund universal preschool for 3-year-olds, choosing a more targeted approach this year, a White House official said. The White House is betting that childcare programs, which are very popular with the public, could help boost Biden's approval ratings.

Andy Tenke, CNBCCompanies across the U.S. are dealing with both a shortage of workers and a shortage of child care. The personal lending company has workers in 44 states in corporate offices, operations centers and branches. Tara McCurrie, CNBCThe company worked to address the different needs of its workforce by adding new flexibility and care benefits. Branch employees were in the office, facing customers, throughout the pandemic, while many central operations and corporate office workers had hybrid options. "We want to meet our employees where they are; we want to give them the access to the care that they need," McHale said.

☆ U.S. Senate confirms Biden's pick to lead Internal Revenue Service
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, March 9 (Reuters) - The U.S. Senate voted to confirm management consultant Danny Werfel as the new Internal Revenue Service commissioner on Thursday, returning the former Obama administration budget official to the tax agency he briefly led on an acting basis. Five Republicans crossed party lines to support Werfel in the 54-42 vote, more than offsetting Democratic Senator Joe Manchin's vote against President Joe Biden's nominee in a protest against his administration's implementation of clean energy tax credits in the Inflation Reduction Act. Werfel, who previously led Boston Consulting Group's public sector practice, is charged with leading a massive transformation of the IRS, with $80 billion in new funding approved last year to boost collections of unpaid taxes, modernize technology and improve taxpayer services. The agency in the coming weeks is due to produce a spending blueprint on how it will deploy the $80 billion in new funding over the next decade. Reporting by David Lawder; editing by Diane CraftOur Standards: The Thomson Reuters Trust Principles.

Principal Deputy IRS Commissioner Daniel Werfel testifies before the House Small Business Committee at a hearing on "The Internal Revenue Service And Small Businesses: Ensuring Fair Treatment" in Washington, July 17, 2013. One of Werfel's priorities at the IRS will be ensuring that the wealthiest Americans pay their full tax bills. President Joe Biden's pick to lead the IRS won the support of nearly every Senate Democrat, plus a handful of Republicans. "Confirming someone as qualified as Mr. Werfel as IRS Commissioner is crucial to making sure Americans take full advantage of all the tax credits we approved last year," Senate Majority Leader Chuck Schumer said Monday on the Senate floor. He later served as acting IRS commissioner in 2013.

☆ ‘Women are the true unicorns’: This millennial investor is breaking barriers in venture capital and betting on female founders
▼ + stars: | 2023-03-08 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: +7 min

"One class I was taking was [about] venture capital and our professor was super well connected," she recalled. Women are the true unicorns in this venture capital world." In a venture capital industry where women make up less than 15% of check-writers, Sun stands out. Fundraising 'a moving bar'Sun decided to start her own venture capital fund when she realized that women founders' biggest pain point is "lacking capital to grow." Even so, companies founded by women are still receiving just 2.5% of all venture capital investments, according to PitchBook data.

☆ Biden's budget plan boosts childcare funding by billions of dollars
▼ + stars: | 2023-03-08 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

WASHINGTON, March 8 (Reuters) - U.S. President Joe Biden's fiscal 2024 budget plan would boost federal funding for childcare and early childhood education by billions of dollars, ensuring free preschool for all of the country's 4 million 4-year-olds, the White House said on Wednesday. The White House argues that lack of access to affordable childcare is a key factor depressing women's participation in the workforce. One recent poll showed that 55% of households experience difficulty finding childcare, with 21% citing challenges related specifically to cost, the White House said. Biden's 2024 proposal includes $22.1 billion for existing early care and education programs, up 10.5% from the 2023 enacted level, including $9 billion for federal block grants. The White House is betting that childcare programs, which are very popular with the public, could help boost Biden's approval ratings.

☆ Female entrepreneurs’ glass ceiling is intact
▼ + stars: | 2023-03-08 | by ( Lisa Jucca | ) www.reuters.com time to read: +4 min

MILAN, March 8 (Reuters Breakingviews) - The glass ceiling that holds back female entrepreneurs remains intact. Yet despite representing 40% of new business founders in the United States, female entrepreneurs capture only a fraction of available venture capital cash. A tendency by venture capital funds to shun female entrepreneurs risks hobbling their contribution to the global economy. Helping female entrepreneurs to rise to the top will be beneficial to women and to the world. In 2021, female entrepreneurs made up 40% of total in the United States, data from the Kauffman Foundation shows.

☆ IRS commissioner nomination advances amid debate over $80 billion agency funding
▼ + stars: | 2023-03-03 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Sen. Ron Wyden, D-Ore., speaks during a Senate Finance Committee nomination hearing on Feb. 23, 2021. Greg Nash | Pool | ReutersThe Senate Finance Committee this week voted to advance Daniel Werfel's nomination to become IRS commissioner amid fierce debate over the agency's $80 billion in funding. Following a confirmation hearing on Feb. 15, the bipartisan committee vote was the final step before a full Senate vote for confirmation. Senate Finance Committee Chair Ron Wyden, D-Ore., said Werfel's February testimony demonstrated he's a "rule follower" who will work with "both sides of the Committee." Oversight of IRS funding is a priority for RepublicansThe Senate Finance Committee vote comes amid continued scrutiny of the $80 billion in IRS funding allocated in August through the Inflation Reduction Act.

☆ Biden taps CEOs of 3M, CVS, FedEx, Citi, others to join his Export Council on trade
▼ + stars: | 2023-02-28 | by ( Emma Kinery | ) www.cnbc.com time to read: +3 min

U.S. President Joe Biden has appointed the heads of Citigroup , United Airlines , CVS , 3M and FedEx , among other top executives, to sit on a White House advisory committee overseeing international trade. The President's Export Council gives recommendations and insight into the ways government policies impact U.S. trade performance. The group also provides feedback on how Biden's trade policies are affecting businesses across sectors from industry and labor to agriculture. She previously served as chief operating officer and group president of Starbucks and CEO of Sam's Club. The Export Council features expertise from labor, real estate, national security and law, and leaders of Fortune 200 companies.

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