DIRS.INFO The most relevant business & tech news

☆ Man Overstayed in Hotel for 600 Days, Didn't Pay $70,000 Bill, Hotel Says
▼ + stars: | 2023-06-23 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Police investigations are underway, the Indian Express reported. Owned by India's Bird Hospitality, the 216-room Roseate House opened in 2016 and bills itself as an upscale contemporary hotel. Rooms at Roseate House start at around 8,500 rupees a night. No arrests have been made and a police investigation into Dutta and various hotel staffers is underway, per The Indian Express. Roseate House did not immediately respond to Insider's request for comment.

Persons: —, Ankush Dutta, Dutta Organizations: Service, Indian, Indian Express, India's Locations: India, Delhi's, Roseate

Byju's leadership is in talks with the investors to try to convince them to reverse their decision, the three sources, who declined to be named as the talks are private, told Reuters. Its rise was seen as a boost for India's startup scene as investors including General Atlantic made big bets on Byju's. Two of the sources said the investors took the decision collectively to resign from the board as they were not getting answers from Byju's founder and senior management. The departures mean Byju's board is now only made up of its founder and chief executive Byju Raveendran, his wife Divya Gokulnath, and his brother Riju Raveendran. While the investors are holding talks with Byju's, it has not yet been decided whether or not their decision to resign would change, one of the sources added.

Persons: Chan Zuckerberg, Byju's, Byju Raveendran, Divya Gokulnath, Riju Raveendran, Aditya Kalra, Alexander Smith Organizations: Peak XV Partners, Sequoia Capital, Deloitte, Reuters, Byju's, General Atlantic, Thomson Locations: DELHI, Sequoia Capital India, U.S

☆ 'When we meet again, may we all be carefree': Read the outgoing Alibaba CEO's memo to staff
▼ + stars: | 2023-06-20 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +5 min

Read the full memo Zhang sent to Alibaba employees:My fellow Aliren,Since becoming CEO of Alibaba Group in May 2015, it has become my custom to send several letters to everyone every year. In turn, the Alibaba board of directors has appointed Joseph C. Tsai to succeed me as Chairman and Eddie Yongming Wu to succeed me as Chief Executive Officer. Time flies, and this year marks my 16th year at Alibaba Group. My appointment as CEO and Chairman of Alibaba Group was beyond my imagination. Daniel ZhangAlibaba Group Chairman and CEOAlibaba Cloud Intelligence Group Chairman and CEO2023.6.20

Persons: Zhang, Alibaba, Joseph C, Tsai, Eddie Yongming Wu, Joe, Eddie, hopefuly, Daniel Zhang Alibaba, 2023.6.20 Organizations: CNBC, Alibaba Group, Cloud Intelligence, Cainiao Smart Logistics, Cloud Intelligence Group, Alibaba Locations: Alibaba

New Delhi CNN —Eleven people have been shot dead and 14 injured in a fresh outbreak of ethnic violence that has gripped the northeast Indian state of Manipur. The current unrest has seen some of the worst violence in recent years and has sparked criticism of Indian Prime Minister Narendra Modi and his ruling Bharatiya Janata Party (BJP), which governs Manipur. If they are given this status, other ethnic groups – many of whom are Christian – say they fear they will not have a fair chance for jobs and other benefits. People wait at a temporary shelter in a military camp on May 7, after being evacuated by the Indian army, as they flee ethnic violence that has hit the northeastern Indian state of Manipur. Arun Sankar/AFP/Getty ImagesThe Metei community dominates positions within the state government, and have been privy to more economic and infrastructural advancement than the other ethnic groups.

Persons: JNIMS, Deben, Arun Sankar, Narendra Modi, Modi, Amit Shah’s, Christian Organizations: New, New Delhi CNN, Jawaharlal Nehru Institute of Medical Sciences, Raj Medicity Hospital, CNN, Getty, Indian, Bharatiya Janata Party, BJP, Union, Indian National Congress Locations: New Delhi, Manipur, state’s, Imphal, Indian, Arun, Myanmar, Kashmir, India, Kuki

☆ Cruise stocks soar as industry rebounds. Here's what analysts expect to happen next
▼ + stars: | 2023-06-14 | by ( Michelle Fox | ) www.cnbc.com time to read: +9 min

Carnival and Norwegian Cruise Line hit 52-week highs Wednesday, while Royal Caribbean did so Tuesday. RCL YTD mountain Royal Caribbean year to date For Farley, Royal Caribbean stands out because it has about 64% of its cruises in the Caribbean, a strong market. Investors now may be waiting to see if there will be more price target increases from analysts after the latest run up. Royal Caribbean has 3% downside to the average analyst price target of $92.77 as of Tuesday's close, per FactSet. Carnival has 21% downside to its average price target of $12.11, and Norwegian has 15% downside to its $16.60 average price target.

Persons: It's, Jason Liberty, Patrick Scholes, Robin Farley, Matthew Boss, Bank of America's Andrew Didora, Josh, Didora, Farley, Truist's Scholes, James Hardiman, Greg Badishkanian, Scholes, Managements, Boss, CNBC's Michael Bloom, Josh Weinstein Organizations: shutdowns, Wall Street, Cruise Line, Royal, CNBC, Royal Caribbean, JPMorgan Chase, Bank of America, CCL, Bank of America's, UBS, Argus Research, Citi, Wolfe Research, JPMorgan, Investors Locations: Royal Caribbean, U.S, Miami, Tuesday's, Caribbean, Norwegian

☆ Countdown to mega merger - how Credit Suisse wobbled and UBS rushed to rescue
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +6 min

March 19: An emergency rescue of Credit Suisse, brokered by the Swiss government, central bank and financial regulator, is announced. March 23: Switzerland's financial market regulator FINMA defends its decision to impose steep losses on Credit Suisse bondholders, calling the decision legally watertight. Separately, some holders of Credit Suisse AT1 bonds wiped out by the merger instruct lawyers to represent them for possible litigation to recover losses. April 6 - UBS CEO Ermotti tells Credit Suisse staff to stay focussed on the business, but warns of "change and hard decisions" ahead. April 15 - The Federal Reserve approves UBS's acquisition of the U.S. subsidiaries of Credit Suisse.

Persons: Greensill, FINMA, Sergio Ermotti, Axel Lehmann, Ulrich Koerner, Ermotti, John Revill, Tomasz Janowski Organizations: UBS, Credit Suisse, Suisse, U.S . Securities, Exchange Commission, SEC, Silicon Valley Bank, Swiss National Bank, Saudi National Bank, Credit, Swiss Bank Employees Association, Federal Reserve, Court, Switzerland's Social Democratic Party, Thomson Locations: ZURICH, Silicon, Swiss, Switzerland

☆ Singapore's Temasek cuts compensation for staff responsible for FTX investment
▼ + stars: | 2023-05-29 | by ( ) www.cnbc.com time to read: +1 min

Singapore state investor Temasek Holdings said on Monday it had cut compensation for the team that recommended its investment in the now-bankrupt FTX cryptocurrency exchange, as well as for its senior management team. The move comes around six months after Temasek initiated an internal review of its investment in FTX, which resulted in a writedown of $275 million. "Although there was no misconduct by the investment team in reaching their investment recommendation, the investment team and senior management, who are ultimately responsible for investment decisions made, took collective accountability and had their compensation reduced," Temasek Chairman Lim Boon Heng said in a statement posted on Temasek's website on Monday. Temasek did not detail the amount of compensation cut. Temasek also said last year it had conducted "extensive due diligence" on FTX, with its audited financial statement then "showed it to be profitable."

MUMBAI, May 29 (Reuters) - The Reserve Bank of India has come across instances of some banks trying to conceal the real status of their stressed assets while governance gaps have also been noticed at certain lenders, its governor said on Monday. Das also said that despite the guidelines on corporate governance, it was a matter of concern that the RBI has come across gaps in governance at certain banks, which have the potential to cause some volatility in the sector. "While these gaps have been mitigated, it is necessary that boards and the managements do not allow such gaps to creep in," he said. A robust governance structure is the most important requirement to ensure the stability of a bank and sustainable financial performance, Das added. "RBI has engaged with certain banks on the need to make suitable adjustments in their business strategies where it was observed that over-aggressive growth in certain business segments were creating avoidable vulnerabilities," Das said.

May 29 (Reuters) - Singapore state investor Temasek Holdings (TEM.UL) said on Monday it had cut compensation for the team and senior management that recommended its investment in the now-bankrupt FTX cryptocurrency exchange. "Although there was no misconduct by the investment team in reaching their investment recommendation, the investment team and senior management, who are ultimately responsible for investment decisions made, took collective accountability and had their compensation reduced," Temasek Chairman Lim Boon Heng said in a statement posted on Temasek's website on Monday. The move comes around six months after Temasek initiated an internal review of its investment in FTX, which resulted in a writedown of $275 million. Temasek also said last year it had conducted "extensive due diligence" on FTX, with its audited financial statement then "showed it to be profitable". "With FTX, as alleged by prosecutors and as admitted by key executives at FTX and its affiliates, there was fraudulent conduct intentionally hidden from investors, including Temasek," Lim said in the statement on Monday.

☆ Here’s why Shake Shack’s recent deal with Engaged Capital may have fallen short for shareholders
▼ + stars: | 2023-05-27 | by ( Kenneth Squire | ) www.cnbc.com time to read: +5 min

Business: Shake Shack owns, operates and licenses Shake Shack restaurants, which offer hamburgers, chicken, hot dogs, crinkle-cut fries, shakes, frozen custard, beer, wine and other products. Shake Shack entered a cooperation agreement with Engaged. Over the past 20 years, he and his team have developed one of the greatest casual hamburger chain restaurants in the country, Shake Shack. They took Shake Shack public in 2015 with 63 restaurants and have expanded to 436 restaurants in eight years. As a public company, Shake Shack has significantly underperformed both the market and its peers.

☆ A Google researcher – who said she was fired after pointing out biases in AI – says companies won't 'self-regulate' because of the AI 'gold rush'
▼ + stars: | 2023-05-22 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

Ex-Google AI researcher said the current AI "gold rush" means firms won't "self-regulate." Gebru told The Guardian: "We need regulation and we need something better than just a profit motive." A former Google researcher, who said she was fired after pointing out the biases in AI, has warned that the current AI "gold rush" means companies won't "self-regulate" unless they are pressured. The 40-year-old, who also had stints at Apple and Microsoft, explained that the hype around AI means safeguards are being cast to the side. "It feels like a gold rush," Gebru added.

☆ Buy this resilient regional bank trading at a 50% discount, Bank of America says
▼ + stars: | 2023-05-18 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

M & T Bank is well positioned for a downturn and is a bargain for investors looking to take advantage of its selloff this year, Bank of America said in a note Thursday. Regional banks have been slammed since the banking crisis began in March with the collapse of Silicon Valley Bank. While M & T Bank isn't immune to headwinds from worsening credit quality, rising fund costs and increased regulation, its management team is operating from a position of strength, Bank of America analyst Ebrahim Poonawala said. "In an industry where market share consolidation (organic or via M & A) is likely to continue, we view the bank as a relative winner," Poonawala said. Shares are trading at 7.7 times price-to-earnings for 2023 and 7.9 times for 2024, he pointed out.

☆ Singapore Airlines gives staff bonus of 8 months' salary after record results and pandemic sacrifices
▼ + stars: | 2023-05-18 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

Singapore Airlines will give eligible staff a huge bonus of up to eight months' salary. That's thanks to a formula based on a deal with its staff union, and the airlines' record profits. It includes an extra bonus of up to 1.5 months, which senior management won't get. Singapore Airlines will pay some staff a huge bonus of more than eight months' salary after posting the highest profits in its 76-year history, Bloomberg first reported. Eligible employees will receive a bonus of 6.65 months based on Singapore Airlines' record profit in the last financial year.

☆ Former SVB, Signature Bank Executives to Face Senate Panel
▼ + stars: | 2023-05-16 | by ( Gina Heeb | Andrew Ackerman | ) www.wsj.com time to read: 1 min

Former Silicon Valley Bank CEO Greg Becker plans to apologize to a Senate panel and say that no bank could have survived the deposit run that SVB saw in March. Photo: patrick t. fallon/Agence France-Presse/Getty ImagesFormer Silicon Valley Bank Chief Executive Greg Becker and two ex-executives from Signature Bank will appear in front of a Senate committee Tuesday, where the chairman is expected to blame senior management for the pair of failures in March. Senate Banking Committee Chairman Sherrod Brown (D., Ohio) said the banks grew too fast and repeatedly ignored warnings from federal and state officials in the face of “glaring risks” from customer and industry concentration, according to prepared remarks released ahead of the hearing.

☆ Former SVB, Signature Bank Executives Face Senate Panel
▼ + stars: | 2023-05-16 | by ( Gina Heeb | Andrew Ackerman | ) www.wsj.com time to read: 1 min

Watch live coverage of a Senate Banking Committee hearing with the former heads of Silicon Valley Bank and Signature Bank, after the failure of the banks. Former Silicon Valley Bank Chief Executive Greg Becker and two ex-executives from Signature Bank appeared in front of a Senate committee Tuesday, where the chairman blamed senior management for the pair of failures in March. Senate Banking Committee Chairman Sherrod Brown (D., Ohio) said the banks grew too fast and repeatedly ignored warnings from federal and state officials in the face of “glaring risks” from customer and industry concentration.

☆ Singapore firms scramble to soften blow of soaring rent costs
▼ + stars: | 2023-05-08 | by ( Chen Lin | ) www.reuters.com time to read: +5 min

But with private housing rents in Singapore maintaining the scorching pace of gains in 2023, those steps are likely falling short, forcing expatriate workers to even consider leaving the city for good. An exodus of foreign talent due to unaffordable housing costs would be a setback to Singapore in fulfilling its ambitions of becoming a technological and innovations hub. EXPAT WOESRecruitment companies said most expats in Singapore do not get housing allowances as companies are controlling their costs amid an uncertain global economy. That is cold comfort for Briton Natalie, who has been living in Singapore for 15 years and is facing a S$3,200 increment in monthly rent. ($1 = 1.3274 Singapore dollars)Reporting by Chen Lin in Singapore; Editing by Xinghui Kok and Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

☆ Monitoring Financial Institution Compliance
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +41 min

Compliance MonitorshipsA compliance monitor (also called an independent examiner or independent compliance consultant) is an impartial party appointed by the government to detect the root causes of the institution’s compliance failures. The purpose of a compliance monitor is not to address a particular compliance failure or punish the institution. Responded to compliance issues, in a timely manner and in a way that demonstrates that the institution takes compliance issues seriously. Compliance Department EmployeesThe monitor must evaluate the adequacy of compliance department employees, including the number of compliance employees, their experience, and their expertise. Assess the Compliance SystemsThe monitor typically engages compliance technology experts, who have specific knowledge of coding and compliance technology software, to test and evaluate the institution’s compliance systems.

☆ Negotiating Financing Provisions in Mergers
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +47 min

(For the complete version of this resource, which includes initial considerations and questions counsel should ask when drafting and negotiating financing provisions in merger agreements, see Drafting and Negotiating Financing Provisions in Mergers on Practical Law.) For a private placement under Rule 144A, the financing parties may offer some flexibility regarding the required financing statements. The term refers collectively to provisions that benefit debt financing parties by limiting their liability in an acquisition financing, including provisions that provide for:No recourse to the financing parties. The target company has no recourse against the financing parties and cannot pursue litigation against the financing parties directly. The financing parties are third-party beneficiaries of the Xerox provisions to permit the financing parties to enforce their rights under the merger agreement.

☆ Future-Proofing the Board of Directors
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +29 min

Governance structures and practices should position the board to provide objective judgment and active oversight supported by board leadership, which is separate from and independent of company management. The board should design governance structures and practices that support it in determining board priorities, agendas, and information needs. The board should create governance structures and practices that ensure that directors are competent, committed, and diverse and that board and committee composition align with the company’s changing needs. Developing and supporting a positive and ethical corporate culture (see Corporate and Board Culture below). Corporate and Board CultureA strong board and corporate culture is imperative for a company’s success.

☆ Factbox: Red flags galore: Fed officials cited Silicon Valley Bank 31 times
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +4 min

June 2022*Oversight of compliance monitoring and testing*Sanctions country of interest risk managementMay 2022*Risk management program: Supervisors found that SVB's risk management program was not effective or comprehensive, and resulted in a reactive approach rather than a holistic approach to risk management and reporting to senior management and the board. *Board effectiveness: The board of SVB did not provide effective oversight of the bank's management, and did not hold senior management accountable for executing a sound risk management program. November 2021* Enhanced liquidity risk management project plan: Fed officials identified weaknesses in the bank's risk management plans and said addressing them "will likely require an accelerated effort." August 2021* Governance process for lending procedures: The Fed found a "critical gap" in underlying documents for SVB's management to implement high-level policy objectives. * Loan risk rating granularity: While the bank's risk ratings were deemed timely and accurate, the system was not "sufficiently granular" for a bank of its size.

☆ Red flags galore: Fed officials cited SVB 31 times
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +4 min

☆ 'Utterly irresponsible': SVB failure was caused by a banking — not tech — crisis, top VC says
▼ + stars: | 2023-04-21 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

LONDON — The collapse of Silicon Valley Bank was the result of a crisis in banking rather than technology, according to a top venture capitalist. Anne Glover, CEO and co-founder of Amadeus Capital, said Friday that the SVB crisis was caused by "utterly irresponsible" practices by Silicon Valley Bank and its management — namely, taking short-term deposits from VCs and investing them in long-maturity debt. "It is a banking one-on-one failure, unbelievably irresponsible frankly by the senior management of SVB in California," said Glover, speaking at a tech investor showcase in east London. A spokesperson for SVB wasn't immediately available for comment when contacted by CNBC. The bank was a crucial pillar of the tech industry, offering financing for firms often turned away by the traditional banks.

April 20 (Reuters) - Cybersecurity company Group-IB has finalised its exit from Russia, the group said on Thursday, cutting ties with its original market in an effort to spur its global expansion ambitions. Already harbouring global ambitions, Group-IB moved its headquarters to Singapore in 2019. Volkov has sold his 10% stake in the Russian company, Group-IB said in a statement. The stand-alone Russian business has been sold to local management and will be operating under the new brand F.A.C.C.T. Group-IB said Sachkov had sold his 37.5% stake in the Singapore entity to members of top management there.

☆ Creating the Talent Pipeline of Tomorrow
▼ + stars: | 2023-04-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCreating the Talent Pipeline of TomorrowRepresentation of minorities and women at tech startups and on boards remains sparse. To combat this issue, investor, entrepreneur, and corporate veteran Bonita Stewart is doing her part to recruit and hire more underrepresented talent to senior management roles. With her extensive background as a public board member and current position as board leader at Google's Gradient Ventures, Stewart offers a unique perspective on how to improve visibility in the tech talent pipeline.

☆ Disney CEO Bob Iger says his return to company was inspired by Steve Jobs' Apple homecoming, and comebacks need 'unbelievable enthusiasm'
▼ + stars: | 2023-04-14 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

Bob Iger returned to the helm of Disney last November, less than a year after he retired. He told Time he's looking to Steve Jobs' Apple homecoming for inspiration. Iger said such comebacks need "incredible resolve, incredible zeal, and incredible energy." Disney CEO Bob Iger said his return to the media giant is inspired by Steve Jobs' 1997 Apple homecoming, in an interview with Time magazine. "And then go at it with incredible resolve, incredible zeal, and incredible energy."

Search resuls for: "Senior Management"

25 mentions found