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☆ Don’t read too much into those Black Friday and Cyber Monday spending totals
▼ + stars: | 2023-11-28 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +6 min

“It shows the psychological mind frame of consumers,” said Mickey Chadha, vice president of corporate finance at Moody’s Investors Services, referring to holiday spending data. This year, dollar sales growth for the holidays in the United States is forecast to slow to 3.3% from 6% last year. It means the spending growth it reported was “driven by net-new demand, not simply higher prices,” Adobe said. The experts CNN spoke to were all in agreement: Holiday spending data — no matter how good or bad — doesn’t represent the state of the entire US economy. A report she coauthored with Chadha predicts holiday sales will grow “a fairly modest 1% to 3%” this year.

Persons: ”, Mickey Chadha, Aditya Bhave, David Paul Morris, That’s, Tamara Charm, Charm, ” Adobe, Chedly Louis, Chadha, Michael Zdinak, he’s, Bhave, that’s Organizations: New, New York CNN, Moody’s Investors Services, Adobe Analytics, Adobe, P Global Market Intelligence, Bank of America, Bloomberg, Getty, Consumer, Consumers, McKinsey, CNN, Moody’s Investors Locations: New York, United States, That’s

☆ Where China’s consumers are spending. Jefferies' top sector picks for 2024
▼ + stars: | 2023-11-26 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Analysts generally say that for consumers in China today, daily essentials, rather than discretionary goods, are in. Top picks Both are on Jefferies' top picks list for the China consumer in 2024. In addition to being a staple at business dinners in China, Moutai has tried to branch out with co-branding in chocolate, ice cream and coffee. But the company said it expected the Chinese market to "to return to mid single-digit growth" in coming periods. The firm analyzed 80 publicly-listed consumer companies with a majority of revenue from mainland China.

Persons: China haven't, Jefferies, they'd, Alibaba, Moutai, Gamble, It's, North America —, Andy, McKinsey's Daniel Zipser, — CNBC's Michael Bloom Organizations: OC, C, Nestle, PepsiCo, Procter, Foods, China, Pacific Sun Advisors, McKinsey Locations: China, Shanghai, Hong Kong, U.S, Wednesday's, Shenzhen, Friday's, China —, North America, Asia

☆ Indians are spending big on travel, but most of that money isn't leaving the country
▼ + stars: | 2023-11-21 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +2 min

The world famous Gateway of India monument in Mumbai, India was built during the 20th century to commemorate the visit of king George V and Queen Mary. India's travel landscape is changing as the country emerges as a powerhouse in the tourism sector. Their willingness to spend big while traveling is going, but research shows that most Indians are traveling domestically — not overseas. Indian travelers took 1.7 billion leisure trips in 2022 but most never left the country, and only about 1% traveled abroad, according to Booking.com and McKinsey. Here are the top 10 spots for Indians traveling within their own country, according to Booking.com and McKinsey.

Persons: George V, Queen Mary, McKinsey Organizations: McKinsey, McKinsey Mumbai, CNBC Locations: India, Mumbai, McKinsey ., Delhi Bengaluru Mumbai Chennai Pune Hyderabad, Jaipur Kochi Kolkata, New Delhi, Bengaluru, Chennai, Kochi

☆ A jazz critic missed out on a $6 million fortune by selling his Apple stock for about 1/700 of its value today
▼ + stars: | 2023-11-21 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Ted Gioia made a $6 million error when he cashed in his Apple stock about 25 years ago. The jazz critic bought 300 shares in the 1980s that would have been worth $6.4 million today. AdvertisementA management consultant turned jazz critic made a $6 million mistake when he sold Apple stock about 25 years ago. Gioia purchased 300 Apple shares, paying only a little above the company's IPO price. "Without Jobs, Apple failed every time it tried something new, for example the Newton handheld device, which was a huge disaster—and almost a joke," Gioia continued.

Persons: Ted Gioia, —, Gioia, Apple, Steve Jobs, Jobs, Tim Cook, Cook Organizations: Apple, Service, Stanford, Boston Consulting Group, Newton, McKinsey

☆ Landing your dream job by getting an MBA isn't as easy anymore
▼ + stars: | 2023-11-19 | by ( Tim Paradis | ) www.businessinsider.com time to read: +5 min

One second-year student told Business Insider he had to pivot to a job in consulting. His job win comes as the field of consulting isn't as red-hot as it was in 2021 and 2022, experts told Business Insider. But now a range of companies are being more deliberate about how quickly they're hiring MBAs, administrators told BI. However, it's actually close to a normal market for MBA grads, industry and career experts told BI. Still, that's leaving some MBA students uneasy.

Persons: —, he'd, Jeff McNish, MBAs, it's, that's, It's, he's, McNish, Stephanie O'Connor, aren't, we've, O'Connor, I've, I'm Organizations: Service, Ivy League, Business, University of Virginia Darden School, Darden, Center, BI, grads, Bain & Company, — McKinsey, Bain, Boston Consulting Group, University of Chicago Booth School of Business

U.S. oversight of Big Tech financial services is fragmented. The CFPB rule would toughen up supervision, requiring Big Tech to comply with its rules on privacy protections, executives' conduct and unfair and deceptive practices. Without regulatory scrutiny, they could leverage their growing dominance of consumer payments to capture other services like lending and card issuing, analysts said. 'LEG UP'Representatives for Big Tech have accused the CFPB of trying to protect traditional lenders. While Big Tech companies have deep pockets and plenty of resources to handle the new scrutiny, the rule could limit how they use and protect consumer data.

Persons: Dado Ruvic, Rohit Chopra, Todd Phillips, Dodd, Frank, It's, Paige Pidano Paridon, Chopra, John Coleman, Hannah Lang, Stephen Nellis, Michelle Price, Richard Chang Organizations: Apple, REUTERS, Wall, Big Tech, Consumer Financial Protection Bureau, Google, Georgia State University, PayPal, Federal, McKinsey, Bank, BPI, Banks, Representatives, Big, Herrington, Thomson Locations: U.S, Washington

☆ 5 things you should know about 5G before implementing it in your business
▼ + stars: | 2023-11-16 | by ( Chris Stokel-Walker | ) www.businessinsider.com time to read: +5 min

Building a private 5G network for your business could be beneficial if you need fast data transfers. But 5G is more expensive than 4G or WiFi, so it may not be worth it for every business. McKinsey has estimated that mobile operators will spend more than $650 billion from 2022 to 2025 to make 5G networks the norm. If you're considering adding 5G to your business, here's what you need to know. "At present, there are very few 5G business networks deployed, and many are still in a trial phase.

Persons: —, Keith Brownsword, Brownsword, William Webb, Webb, who's, Fabio Giust, Giust, it's, Samantha Kight Organizations: Service, Mobile, McKinsey, 4G, Institute of Electrical, Electronics Engineers, Access, 5G's

☆ Where are they now: The many fascinating Bridgewater employees from the book on Ray Dalio 'The Fund'
▼ + stars: | 2023-11-16 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +17 min

The new book, "The Fund: Ray Dalio, Bridgewater Associates, and the Unraveling of a Wall Street Legend" — which Dalio and his lawyers have pushed back against — describes everything from Bridgewater's investment process to internal grudges and backstabbing to allegations of sexual harassment. Here are the places where the dozens of Bridgewater employees and consultants named in the book ended up. Dalio, the book said, wrote into the firm's bylaws that he could never hold that title again. Before that, she was the head of investment research and a co-chief investment officer for sustainability. He's worked at different funds since leaving in 2006, including Larch Lane Advisors and Bonaccord Capital as an investor and business-development professional.

Persons: Rob Copeland's, Ray Dalio, Dalio, —, Bridgewater, Greg Jensen, YouTube Dalio, nixed, Copeland, He's, Jensen, Eileen Murray, Morgan Stanley, David McCormick, Dina Powell, McCormick, Dave McCormick, Michael M, Nir Bar Dea, Stefanova, Dalio's, Paul McDowell, Bob Eichinger, McDowell, Eichinger, Jen Healy, Osman Nalbantoglu, Matthew Granade, Steve Cohen, Steve Cohen's Point72, Bob Prince, politicking, Karen Karniol, Bridgewater Associates Karen Karniol, Vladimir Putin, Bob Elliott, Elliott, James Comey, Winn McNamee, Barack Obama, Donald Trump, Hillary, Britt Harris, Bridgewater's, Julian Mack, L, Michael Partington, Spencer Stuart, Niko Canner, Jon Rubinstein, Beck Diefenbach Jon Rubinstein, Steve Jobs, Tom Adams, Rosetta Stone, J, Michael Cline, Cline, Kevin Campbell, Campbell, Craig Mundie, Bill Gates, Gates, Mundie, Bill Clinton, George W, Bush, David Ferrucci, IBM's Watson, Ferrucci, Keith Alexander, Alexander, Larry Culp, Culp, Jamie Gorelick, conscientiously, Clinton, Jared Kushner, Jesse Horwitz, Comey, Horwitz, Samantha Holland, Perry Poulos, Murray, Joe Sweet, Tara Arnold, Arnold —, Leah Guggenheimer, She's, Charles Korchinski, Harris, Kent Kuran Organizations: New York Times, Bridgewater Associates, Business, Bridgewater, YouTube, HSBC, Broadridge, Life Insurance, Wells, Treasury Department, Republican, Getty, GOP, Israel Defense Forces, Marto, Princeton University, McKinsey, Point72, Bridgewater didn't, Domino Data, CircleUp, FBI, Trump, of, University of Texas Investment Management Co, Apple, Dalio, Health, Cognition, Mundie, National Security Agency, Amazon, General Electric, Boston Globe, Electric, Trump White House, Harvard Law School, —, Hubble, Stefanova's Marto, HBR Consulting, MIO Partners, Burford, Larch Lane Advisors, Bonaccord, Eaton Partners, Stanford, NextEra Energy Resources Locations: Bridgewater, Connecticut, Pennsylvania, China, San Francisco, of Texas, Atlanta, WilmerHale, Asia, India, Shanghai, Singapore, Israel, Africa

☆ A consultant has gone viral on TikTok promoting a networking trick she calls 'corporate flirting' to get ahead at work
▼ + stars: | 2023-11-15 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +4 min

Srinidhi Rajesh has gone viral on TikTok after suggesting that people should "corporate flirt" to get ahead. AdvertisementA TikToker has gone viral after popularizing a networking hack she calls "corporate flirting" to be successful in the workplace. "We called it corporate flirting and I'm gonna show you guys how to do it." Rajesh said "corporate flirting" can also be used on mentors and very senior-level employees whom you might be seeking advice from. By drawing on dating situations, Rajesh offers strategies that are relatable and achievable to young Gen Zers who are still navigating unfamiliar territory.

Persons: Srinidhi Rajesh, Rajesh, —, I'm, Zers, Gen Zers Organizations: McKinsey, Service, McKinsey & Company, KPMG, Deloitte, PWC Locations: New York, Northwestern, America

☆ China's richest nepo babies look set to inherit $120 billion
▼ + stars: | 2023-11-15 | by ( Polly Thompson | ) www.businessinsider.com time to read: +2 min

NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. All aged under 40, Chinese heirs from at least 11 families will soon have control of wealth worth an estimated $120 billion, according to the Bloomberg Billionaires Index. AdvertisementNongfu Spring is China's biggest water company. Future Publishing/Getty ImagesThe company, worth just over half a trillion dollars, is China's biggest bottled water producer. These billionaire nepo babies are standing by to reap the benefits of China's an almost uninterrupted wealth boom over the past four decades.

Persons: —, Zhong Shu Zi, Zhong, Gao Haichun, nepo, it's Organizations: Service, Billionaire, Bloomberg, University of California, Future Publishing, Brown University, McKinsey, Global Locations: China, Irvine

Killing an all-but-completed movie would alienate the people Zaslav — or at least Hollywood — needed most: the people who made the movies. Under fire, Zaslav defended the decision in an earnings call with analysts, saying he shelved “Batgirl” to protect the DC brand. More quietly, Zaslav also sought cover in the authority of Bryan Lourd, the powerful co-chairman of Creative Artists Agency and a leading arbiter of Hollywood mores. As Zaslav told it to several associates, Lourd had supported the decision, observing that it wasn’t in the interest of C.A.A. “We have made unpopular decisions because they were necessary.”Hollywood was in trouble before David Zaslav came to town.

Persons: Zaslav, Wiedenfels, Batgirl ”, Michael Keaton, ”, Adil El Arbi, Bilall Fallah, Walter Hamada, Courtenay Valenti, Bryan Lourd, Lourd, Leslie Grace, “ Bryan Lourd, ’ ”, David Zaslav, “ Organizations: DC Comics, Hollywood, DC, Warner Brothers, Creative Artists Agency, Discovery, McKinsey, W.B.D Locations: Scotland, New York, Hollywood, W.B.D

☆ E-Flight Challenge pitched a car against a plane -- and the car won
▼ + stars: | 2023-11-14 | by ( Miquel Ros | ) edition.cnn.com time to read: +12 min

Members of the E-Flight Challenge team lined up to watch the battery-powered airplane gracefully descend on the island of Norderney, just off the northwest coast of Germany. The long road ahead for electric aviationYou could say that the E-Flight Challenge takes its inspiration from the early days of aviation. The Elektra Trainer used in the E-Flight Challenge, for example, can carry a maximum of two people. Miquel RosIn this context, the E-flight Challenge served as an illustration of the challenges of electric flight – but also of its promise. The progress compared to just three years ago has been astonishing!” explains Morell Westermann, one of the E-Flight Challenge initiators.

Persons: Louis, Charles Lindbergh’s, Heart Aerospace –, –, Miquel Ros Italy’s Tecnam, China’s, Cuberg, ” Robin Riedel, Riedel, Norbert Werle, Tesla, Werle, ”, John Langford, Miquel Ros, Morell Westermann, Westermann Organizations: CNN, Lucid Motors Air, Louis Blériot’s, Channel, Heart Aerospace, United Airlines, Royce, Norwegian, Widerøe, Airbus, Boeing, Aerospace, McKinsey, Alamy, “ Aircraft, Lucid Motors Locations: Norderney, Germany, Gelnhausen, Frankfurt, Norway, Swedish, California, Berlin, The Virginia, “, Swiss

☆ Goldman Sachs: These 'conviction list' global stocks will benefit from a circular economy boom
▼ + stars: | 2023-11-14 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +2 min

Rising commodity prices, increased regulation and a growing recognition of sustainability benefits are set to be "key catalysts" of the circular economy, Goldman Sachs said, naming its "conviction list" stocks to play the theme. The circular economy is a system that aims to keep materials and resources in use for as long as possible, with a focus on reuse, rather than dispose. Conviction list stocks The bank named a number of "key stocks exposed to the theme," including Dassault Systemes and SMC Corporation . Both are on the bank's "conviction list" of top buy-rated stocks. Other global stocks on Goldman's list of picks set to benefit from the circular economy include Japanese electronics giant Hitachi , Dutch conglomerate Philips and U.S. waste management company Republic Services , with all three also on the bank's conviction list.

Persons: Goldman Sachs, Goldman, — CNBC's Michael Bloom Organizations: McKinsey, Accenture, United Nations Environment Program, Dassault Systemes, SMC Corporation, Dassault Systems, Hitachi, Philips, Republic Services

☆ AI is going to force millions of workers to train for new jobs. The US has historically been terrible at this.
▼ + stars: | 2023-11-14 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +7 min

Experts say many of those workers will need to be retrained for new jobs to avoid being left behind. The US economy has struggled in recent decades to help workers adjust to job disruptions. Emerging generative AI technologies like ChatGPT could eliminate or change the nature of millions of jobs over the next decade. AdvertisementWhen Donald Trump promised to bring back manufacturing jobs before the 2016 election, he was speaking to the Americans who had been left in the lurch. But many overseas jobs aren't likely to return anytime soon, among the reasons job retraining was — and remains — necessary for impacted workers.

Persons: —, Richard Baldwin, Seth Carpenter, Morgan Stanley, hasn't, Donald Trump, Michael Chui, Chui, Ethan Mollick Organizations: Service, Global, Economic, Institute, McKinsey Global Institute, University of Pennsylvania's Wharton School, PricewaterhouseCoopers, IBM, Schools Locations: United States, Mexico

☆ 'Overemployed' Workers Secretly Juggle Several Jobs for Big Salaries
▼ + stars: | 2023-11-13 | by ( Aki Ito | ) www.businessinsider.com time to read: +21 min

Holding down multiple jobs has long been a backbreaking way for low-wage workers to get by. They freeze their employment histories with Equifax and hibernate their LinkedIn profiles, so employers can't see they're holding multiple jobs. Those with multiple jobs also seek out positions they hope will be OE-friendly — light on meetings, as well as on the workload. There's another incentive: Unlike most Americans, those who work multiple jobs don't have to worry about layoffs. There's something radical that happens to a worker's psychology when they have multiple jobs.

Persons: Bryan Roque, He'd, Roque, I'm, Isaac, Reddit, commiserate, he'd, it's, they're, —, Tyler Le, George, who's, I've, Allison, Cole, he's, Matthew Berman, hasn't, Meta, Tinder, jugglers, Taylor, they'll, normies, Redditor, she'd, she's, Aki Ito Organizations: Amazon, IBM, Meta, Financial Independence, J1, McKinsey & Company, J2 Locations: Meta, Tinder, New York, California, Meta's, tatters

☆ American consumers may be starting to buckle. Here are 5 warning signs a spending slowdown is on the horizon.
▼ + stars: | 2023-11-11 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +6 min

Americans are saving lessThe personal savings rate slumped to 3.4% in September. That's well-below the pre-pandemic savings rate, when Americans were stashing away around 7% of their disposable personal income. Consumers aren't planning to splurge this holiday seasonAmericans are less likely to splurge this holiday season than last year. McKinsey & CompanyAmericans are looking less likely to splurge, even as they head into the holiday season. "Hiring for the holiday season is generally done in October, and adding up new jobs created in the BLS-defined holiday season retail sectors in the latest employment report shows that retailers expect a weaker holiday season," Apollo chief economist Torsten Slok said in a note on Tuesday.

Persons: Macquarie, Thierry Wizman, —, Wizman, Morgan Stanley, Torsten Slok Organizations: Service, Macquarie Global, New York Fed, Federal Reserve, San Francisco Fed, Conference, Conference Board, McKinsey & Company, McKinsey, Apollo, of Labor Statistics Holiday, Bureau of Labor Statistics, BLS Locations: York

☆ How Afrilabs is powering Africa’s tech revolution through community
▼ + stars: | 2023-11-10 | by ( Stephanie Busari | ) edition.cnn.com time to read: +6 min

Kigali, Rwanda CNN —For over a decade, AfriLabs has been at the forefront of cultivating a vibrant tech ecosystem across the African continent. The annual AfriLabs Gathering, held in Kigali, Rwanda, is a testament to its commitment to uniting the African tech community. AfriLabs has been at the forefront of cultivating a vibrant tech ecosystem across the African continent. With a trailblazing woman at its helm, Afrilabs addresses the gender gap in the tech industry, recognizing that the African tech landscape remains predominantly male-dominated. Its participation in the Nigeria Startup Act and the ongoing Nigeria Startup Act State Adoption program showcases commitment to driving conversations and effecting change, says Guobadia.

Persons: AfriLabs, Anna Ekeledo, Ekeledo, ”, “ We’ve, Afrilabs, ” Ekeledo, Oswald Osaretin Guobadia, … Organizations: Rwanda CNN, Consultancy, McKinsey, Company, Algeria Venture, Builder.ai, AfriLabs, Visa Foundation, Business Angel Network, CNN, Nigeria Startup Locations: Kigali, Rwanda, Africa, North Africa, Afrilabs, DigitA, Abuja, Nigeria, “

☆ How Urban Outfitters’ Nuuly is outsmarting Rent the Runway
▼ + stars: | 2023-11-09 | by ( Natalie Rice | ) www.cnbc.com time to read: +3 min

Urban Outfitters Inc., or URBN, has been quietly building a new segment near its headquarters in Philadelphia. Launched in 2019, Nuuly is a clothing rental subscription service that features the company's brands Urban Outfitters, Free People and Anthropologie, as well as more than 400 other brands and designers. Nuuly is set to reach profitability in its third or fourth fiscal quarter of 2023. "Most of the timeframes that we've set up until now, we've been running ahead of," Hayne said. Though Nuuly isn't the first rental service on the market, analysts said there's a lot of opportunity in the nascent space.

Persons: Dave Hayne, Nuuly, Adrienne Yih, we've, " Hayne, Hayne, Yih, Vince Camuto Organizations: Urban Outfitters Inc, Urban Outfitters, Free, Barclays, McKinsey & Company, Analysts, Banana Locations: Philadelphia, URBN's, Kansas City , Missouri, Kansas, Banana Republic

☆ Violent wage protests in Bangladesh could hit top fashion brands
▼ + stars: | 2023-11-09 | by ( Vanessa Yurkevich | ) edition.cnn.com time to read: +8 min

On Tuesday, the country’s wage board announced an increase of $113 a month for garment workers, set to take effect December 1. Garment workers in Bangladesh currently make $95 a month producing clothes for big brands such as H&M, Zara and Levi’s. The American Apparel and Footwear Association, or AAFP, which represents brands in the US suggests a timelier minimum wage review. CNN reached out to the Bangladesh Garment Manufacturers and Exporters Association which represents factory owners for comment but did not hear back. Cambodia now raises its minimum wage for garment workers once a year.

Persons: “, ”, Christina Hajagos, Clausen, Narza Akter, Imran Hossain, ” Matthew Miller, Bangladesh hasn’t, Fitch, Nate Herman, Levi Strauss, Elizabeth Cline, Jason Judd, Judd Organizations: New, New York CNN, Textile and Garment Industry, IndustriALL Global Union, Bangladesh Bureau, Statistics . Garment, Workers, US State Department, United, State Department, McKinsey, US Commerce Department, Puma, Abercrombie, American Apparel and Footwear Association, CNN, Brands, Government, Bangladesh Garment Manufacturers, Policy, Columbia University, Consumer, World Bank, Consumers, Global Labor Institute, Cornell University, Workers Rights Consortium Locations: New York, Bangladesh, Zara, Levi’s, China, United States, Southeast Asia, AAFP, Swedish, ”, Patagonia, Cambodia

☆ These are the stocks that will benefit — and lose out — from the wellness trend, Morgan Stanley says
▼ + stars: | 2023-11-08 | by ( Weizhen Tan | ) www.cnbc.com time to read: +5 min

The Covid-19 pandemic was a big factor behind the rising focus on weight and its implications for health, Morgan Stanley noted. CNBC Pro takes a look at the stocks Morgan Stanley says will be affected by those trends — both positively and negatively. Beneficiaries Morgan Stanley said "functional" foods, waters, skincare and cosmetics, and consumer health should be well positioned. Morgan Stanley upgraded its rating for Danone to "overweight." At risk Alcoholic beverages and soft drinks appear to be among categories most affected by the GLP-1 trend and the focus on wellness, Morgan Stanley said.

Persons: they're, Morgan Stanley, Mounjaro, Nestle, Remy Cointreau, Beers, Brewer, there's, Britvic, CNBC's Michael Bloom Organizations: Wellness, McKinsey, GLP, Walmart, CNBC Pro, Danone, United States —, Nestle, L'Oreal, Beiersdorf, Diageo, Brewer Anheuser, Busch Inbev Locations: Europe, United States, British

☆ Gen Zers are saying 'no thanks' to promotions for reasons that go beyond money
▼ + stars: | 2023-11-08 | by ( Tim Paradis | ) www.businessinsider.com time to read: +6 min

Gen Zers aren't eager for promotions, partly because they believe management is unfulfilling. Gen Zers crave support, clarity on goals, a realistic career path. But actually, that's not the dream of many Gen Zers. For many Gen Zers, it can be easy to look at their managers and think, "No, thanks." The consultancy also found that Gen Zers think meaningful work is just as important as workplace flexibility when they're considering a job opportunity.

Persons: Zers aren't, Zers, —, that's, Emily Rezkalla, Rezkalla, she'd, Zers —, it's, Pradeep Philip, Philip, Gen, we've, they're, Rod Thill, he's, Thill, TikTok Organizations: Service, Deloitte, Economics, McKinsey

☆ AI could steal over 80 million jobs in the next 5 years, but these experts share how to adapt before it's too late
▼ + stars: | 2023-11-08 | by ( Ella Hopkins | ) www.businessinsider.com time to read: +4 min

The World Economic Forum recently said generative artificial intelligence could replace 83 million jobs in the next five years within industries including tech and education under threat. Insider talked to a vice president of a data and AI platform, a hiring expert at LinkedIn, and an entrepreneur about three strategies to upskill to AI-proof your career. Karin Kimbrough, LinkedIn's chief economist, told Insider that such skills, including "management, communication, customer service, leadership, and teamwork," were more important to company leaders than AI skills . "Many bumps, turns, and forks you experience while navigating your career will become ever steeper and sharper," he wrote. She said learning how to become a "good prompter" was key to generating helpful responses from the chatbots.

Persons: Karin Kimbrough, LinkedIn's, Read, Junta Nakai, Nakai, Databricks, Jacqueline DeStefano, DeStefano, Tangorra Organizations: Economic, McKinsey, LinkedIn, Omni Business Intelligence Solutions, ChatGPT

☆ Workers are missing cog in US manufacturing gears
▼ + stars: | 2023-11-07 | by ( Jeffrey Goldfarb | ) www.reuters.com time to read: +7 min

NEW YORK, Nov 7 (Reuters Breakingviews) - There’s a spanner in the freshly restarted U.S. manufacturing machine. Based in part on the planned construction spending, Goldman Sachs analysts estimate that Biden’s initiatives could lead to as many as 250,000 new manufacturing jobs over the next two years. Pay growth is also cooling faster for production and manufacturing jobs, at 4.2% year-over-year in August, down from an 11% annual peak in December 2021 and compared to the national average of 4.5%, according to jobs website Indeed. By 2030, technological and cognitive skills in the manufacturing sector will be in far higher demand as the share of physical and manual tasks drops by more than a quarter from 2016, McKinsey says. The U.S. manufacturing engine may be humming along now, but employment-related complications threaten to throw sand in the gears.

Persons: Joe Biden’s, Biden, Goldman Sachs, There’s, it’s, Sam, Francesco Guererra, Sharon Lam Organizations: Reuters, Deal, Taiwan Semiconductor Manufacturing, Samsung Electronics, Intel, Bosch, Linde, Public, Ford, SK Innovation, Reuters Graphics Reuters, Department, Bureau of Labor Statistics, McKinsey, University of Massachusetts, Economy Research, of Labor Statistics, Thomson Locations: Arizona, U.S, United States, China, Europe, Asia, it’s, Germany, Amherst

☆ Black workers could be disproportionately harmed by AI in the workplace, a study says. They are feeling the heat — and trying to fix it.
▼ + stars: | 2023-11-06 | by ( Aaron Mok | ) www.businessinsider.com time to read: +6 min

Black workers are more afraid of being replaced by AI than white workers, a new survey found. That may be because Black workers have a fraught history with the technology, experts say. Black workers are feeling the pressure, new research suggests. Even before the rise of generative AI, Black workers in low-wage jobs faced a greater risk of being replaced by automation technologies, Goligoski said. "It is insufficient to relegate the responsibility of protecting Black workers from the harms of AI to businesses alone," Hayes said.

Persons: —, Emily Goligoski, Goligoski, Myaisha Hayes, Richard Baldwin, Hayes, " Hayes Organizations: Service, McKinsey, Black, Amazon, Companies

☆ Nvidia and AMD CEOs: Two of the world’s most powerful tech execs come from the same Taiwanese family
▼ + stars: | 2023-11-05 | by ( Michelle Toh | Wayne Chang | ) edition.cnn.com time to read: +10 min

The chief executives of Nvidia (NVDA) and AMD (AMD) aren’t just two of the most powerful people in the global AI chip industry, they’re also family. “For almost half a century now, Taiwan’s economy has been centered on electronics production, chip assembly, chip manufacturing, chip design, everything semiconductors. According to Nvidia, Huang was born in 1963 in Taipei before moving to the southern city of Tainan. “I would say anyone who logs on the internet is likely touching not just one, but dozens and hundreds of Nvidia and AMD chips,” said Miller. I would say anyone who logs on the internet is likely touching not just one, but dozens and hundreds of Nvidia and AMD chips.

Persons: Taipei CNN — Jensen Huang, Lisa Su, they’re, Su, Jean Wu, Wu, Huang, ” Su, ” Wu, ” Christopher Miller, ”, it’s, there’s, Hwa Cheng, Edith Yeung, Miller, Robyn Beck, AMD’s, Florence Lo, “, Christopher Miller Organizations: Taipei CNN, Nvidia, AMD, CNN, Consumer Technology Association, rockstar, Technology, Bloomberg, Getty, Race Capital, ASUS, Consumer, Massachusetts Institute of Technology, Oregon State University, Stanford University, McKinsey, Associated Press, CTA Locations: Hong Kong, Taipei, Taiwan, United States, China, Silicon Valley, Silicon, Tainan, Thailand, Washington, Kentucky, New York City, Las Vegas, AFP, Santa Clara , California

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